Poloniex and Bitfinex Withdraw From Washington State After New Exchange Rules Come Into Force Back in April, politicians in Washington pieced together and drafted regulations to regulate bitcoin exchanges. These rules have come into force. Lawmakers pushed Bill 5031 through the House of Representatives and Senate, which was later approved by Washington Governor Jay Inslee.

Poloniex and Bitfinex Withdraw From Washington State After New Exchange Rules Come Into Force Back in April, politicians in Washington pieced together and drafted regulations to regulate bitcoin exchanges. These rules have come into force. Legislators pushed Bill 5031 through the House of Representatives and the Senate, which was subsequently approved by Washington Governor Jay Inslee.

Poloniex and Bitfinex Withdraw From Washington State After New Exchange Rules Go Into Force

Back in April, politicians from Washington pieced together and drafted regulations to regulate bitcoin exchanges. These rules have come into force. Legislators pushed Bill 5031 through the House and Senate, which was later approved by Washington Governor Jay Inslee.


Legal requirements for exchanges

According to the law, all persons organizing cryptocurrency exchange activities in Washington DC must obtain an appropriate license. They must also contract with an external auditor and their systems must be open to audits..

«Companies that store virtual currencies on behalf of third parties are required to independently audit all electronic information and data systems».

 

 

Poloniex and Bitfinex Withdraw From Washington State After New Exchange Rules Come Into Force Back in April, politicians in Washington pieced together and drafted regulations to regulate bitcoin exchanges. These rules have come into force. Legislators pushed Bill 5031 through the House of Representatives and the Senate, which was subsequently approved by Washington Governor Jay Inslee.


Legislators have also introduced a rule that exchanges are required to have a guarantee fund associated with their business. The size of the guarantee fund should be tied to the volume of cryptocurrency transfers over the past year.

 

 

Poloniex and Bitfinex Withdraw From Washington State After New Exchange Rules Come Into Force Back in April, politicians in Washington pieced together and drafted regulations to regulate bitcoin exchanges. These rules have come into force. Lawmakers pushed Bill 5031 through the House of Representatives and Senate, which was later approved by Washington Governor Jay Inslee.


The reaction of popular exchanges

 

 

Poloniex and Bitfinex Withdraw From Washington State After New Exchange Rules Come Into Force Back in April, politicians in Washington pieced together and drafted regulations to regulate bitcoin exchanges. These rules have come into force. Lawmakers pushed Bill 5031 through the House of Representatives and Senate, which was later approved by Washington Governor Jay Inslee.


After the law came into force, major exchanges Poloniex and Bitfinex announced that they would cease their activities in the state. The new regulations seem to be out of alignment with their plans and ability to serve customers. However, the Gemini exchange has already received approval and license, which allows clients from Washington to legally buy and sell cryptocurrencies on this site..

Poloniex reports: «After careful consideration of the interpretation of financial legislation by the Washington State Financial Institutions Office, Poloniex has decided to suspend the creation of accounts in Washington until further notice. All active clients from Washington will receive an email with instructions for closing accounts».

Source: https://news.bitcoin.com/washingtons-bitcoin-exchange-regulations-become-active/

 

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