Consumer Alert: Coinbase Exchange ‘Not Regulated or Licensed’ in California, NY
Coinbase, which announced earlier this week it had launched the first regulated Bitcoin exchange in several states and territories of America, including California and New York, seems to be lacking regulatory approval from both states, according to local regulators. Department of Business Oversight (DBO) commissioner Jan Lynn Owen, issued a "consumer alert" on Coinbase's licensing status in California, where she made clarifications on what she qualifies as "erroneous reports." The document reads: "Numerous press accounts about Coinbase’s Jan. 26 launch of Coinbase Exchange erroneously....
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The California Department of Business Oversight (DBO) has released a statement denying that Coinbase's new exchange is licensed to operate in the state under existing money transmission laws. In a press release, the state's financial services and money transmitters regulator called unnamed press reports that have stated that Coinbase had received regulatory approval to operate its exchange in California mistaken. In its statement, the agency said it was seeking to "correct erroneous reports that Coinbase Exchange has received regulatory approval from the State". DBO Commissioner Jan Lynn....
The last several days have been rough and tumble both for the Bitcoin fiat valuation and the new, supposedly regulated Coinbase Exchange. As mentioned by CoinDesk earlier in the week, California regulators are taking exception to the idea that they have given approval for Coinbase’s operation. When probed on the matter, Coinbase spokesman James Watkins said: “The Exchange is also available to users in California and New York. These states fall into a regulatory gray area while they work to establish a framework for regulating virtual currency companies.” The statement made the other day by....
The tortoise or the hare. The timeless Aesop fable has been applied to many situations, over and above the abilities of the animal kingdom. And it certainly can be applied to the quest in the United States to create a domestic Bitcoin exchange for the 2nd largest Bitcoin market in the world. 2014 saw many great additions to the Bitcoin ecosystem, but maybe the most important are afoot as we speak. Coinbase is first, but are they going to be the best? Coinbase made news just a couple of weeks ago in launching the first U. S. -based regulated Bitcoin exchange from their San Francisco....
An earlier version of this article stated that Coinbase Exchange had received regulatory approval in California. The California Department of Business Oversight has since released a statement denying that Coinbase Exchange received licensure. Bitcoin services provider Coinbase is set to launch a US exchange on Monday - one reportedly already approved by regulators in 24 jurisdictions. Coinbase has until now acted largely as a brokerage for bitcoin users. By expanding into this new vertical the company will be able to "offer greater security for individuals and institutions to trade bitcoin....
If confirmed, someone could have made a serious commitment to BTC worth over $1 billion. Bitcoin (BTC) could be seeing renewed interest from big buyers as data shows large tranches of coins leaving major exchange Coinbase.As shown by monitoring resources including Whale Alert and CryptoQuant on March 11, an unknown wallet has received almost 30,000 BTC from the U.S. platform.Coinbase Pro $1.15 billion lighterThe potential buy-in came in the form of three separate transactions on Coinbase Pro, Coinbase’s professional investment arm.According to Whale Alert, these were for 9,843 BTC, 9,901....