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Cryptocurrency in the state of Wyoming continues to remain in an utter state of confusion according to a recent report on ArmyOfBitcoin.com. State residents have not been able to access their cryptocurrency accounts for over two years since Coinbase decided to suspend operations in the Cowboy State. This all stemmed from a decision by state regulators concerning Coinbase and its Money Transmitter Act. In deciding that cryptocurrency should be regulated under the guidelines of this specific act, it also declared that Coinbase needs to hold fiat currency reserves for any digital assets held by in-state customers. This decision came down in June of 2015.
Given just how costly it would be to comply with this requirement, Coinbase.com decided to suspend business operations in Wyoming. This left more than a few customers with cryptocurrency holdings high and dry. Anyone who failed to move their cryptocurrency off this platform in time were faced with an account they could no longer access. The ray of hope for these customers were some recent decisions that changed this status. Earlier in March, a package of bills that were blockchain business friendly included one piece of state legislation that effectively removed the fiat reserve requirement. The affected customers saw this as an avenue to reclaim their crypto assets, but a month later the situation persists.The report states that Coinbase has yet t o take the initiative to resume operations in Wyoming. Quoted in the piece, the co-founder of the Wyoming Blockchain Coalition Caitlin Long stated that, “People couldn’t get a hold of (Coinbase) customer service.”
As clarified by ArmyOfBitcoin.com, this situation is not all that surprising. Its summation of the matter points a breakdown in effective customer service by Coinbase. As quoted in this report, “The exchange’s image has suffered greatly over the past couple of years as its customer support buckled under the pressure of mass adoption. From lackluster uptimes to disabling the accounts of customers on vacations, Coinbase has struggled to keep its reputation clean from its user’s standpoint-even after its $100 million raise in August.”Despite the efforts of the Wyoming Blockchain Coalition’s efforts to resolve the matter for state residents caught up in this whole mess, progress has been minimal at best. Frustrated customers continue to relay the details of their own individual dealings with Coinbase in some very unflattering dialogs.
Albert Forkner is the state’s banking commissioner and he recently told ArmyOfBitcoin.com that he has spoken with Coinbase representatives. He relayed that the company is excited about the opportunity to resume operations in Wyoming. His exact words where, “They’ll (Coinbase) be looking into the business plan to get accounts reopened in Wyoming. It shouldn’t take too long.”Long’s response to the lack of progress was, “If a company is going to be a custodian of customer’s assets, then it has an obligation to communicate with those customers. Now there is no excuse, and i t comes down to whether Coinbase wants to do right by its customers or not.”https://armyofbitcoin.
