Coinbase suspends Wyoming bitcoin wallet

Coinbase suspends Wyoming bitcoin wallet

Virtual currency startup Coinbase has suspended operations in Wyoming, citing 'impractical' regulatory policies.

The Wyoming Division of Banking has recently passed rules which require crypto-currency operators to hold fiat currency reserves in amount equal to the aggregate face value of all bitcoin held on behalf of customers.

In a statement, the firm says: "Although Coinbase securely maintains 100% of all customer bitcoin, it is impractical, costly, and inefficient for us to establish a redundant reserve of fiat currency in equivalent value."

Coinbase says the suspension of service is indefinite: "We cannot currently project if or when our services may be restored."

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