Crypto Exchange Poloniex Resumes Trading Service In Washington State

Announcements, News, Regulation | May 10, 2019 By:

Cryptocurrency exchange Poloniex has resumed its operations in the US state of Washington after receiving a new license.

Poloniex, which was acquired by crypto platform Circle in February 2018 for approximately $400 million, suspended its operations in Washington state in April 2017 due to regulatory concerns. At the time, Washington state lawmakers required crypto companies to have 100% provisions for deposited customer funds and pass cybersecurity audit.

In a Twitter post, Poloniex announced that the Washington State Department of Financial Institutions has given the company approval to re-open its trading services for Washington residents.

“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 exchange said.

Last month, Washington state Governor Jay Inslee signed SB 5638, an act “recognizing the validity of distributed ledger technology,” into law. The act encourages the development of blockchain, recognizes its use in commerce and digital signatures, and amends legislation to provide definitions for the technology.