Poloniex comes back to Washington with a new license

The cryptocurrency exchange services are now available for Washington’s residents.
The companies may return to the state due to softened regulatory stance.

Tanya Abrosimova Independent Analyst

The US-based cryptocurrency exchange Poloniex resumed operations in Washington. Now the citizens of the state can join the platform and trade digital assets with it.

According to the official announcement, the company obtained a new license of the Washington State Department of Financial Institutions.

"Poloniex has reopened trading for Washington residents, thanks to a new license giving us the green light from the Washington State Department of Financial Institutions,” the company wrote on Twitter.

Poloniex suspended operations in Washington in April 2017, following the suit of Bitfinex. Some time later Kraken and Bitstamp also chose to withdraw from the state. In August 2017, a popular platform for cryptocurrency exchange ShapeShift also stopped operations in Washington.

The exodus from the state was caused by an aggressive tightening of cryptocurrency regulation. Thus, in spring 2017, the lawmakers of the state obliged the companies that deal with digital coins to have 100% provisions for deposited customer funds and pass cybersecurity audit.

However, lately the authorities soften their stance towards blockchain and cryptocurrency industry. Thus, they passed a bill to legalize the status of records on blockchain. Meanwhile, companies tippled their spending on lobbying interests related to fintech, cryptocurrency and blockchain in Washington.

Author

Tanya Abrosimova

Independent Analyst

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