Poloniex gets back into game in Washington

Posted 10 May, 2019

The US-based cryptocurrency exchange – Poloniex – announced its return to Washington state thanks to a positive determination on the license application from the local financial regulator. The announcement was made on the company's Twitter on May 9.

The company representatives stated that Poloniex would come back to Washington enjoying new license that was awarded by the State Department of Financial Institutions.

The company's announcement reads:

"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. "

For reference, the exchange shut down services in Washington in April 2017. Notably, one of the first to leave this state was Bitfinex, followed by Kraken and Bitstamp. Moreover, Shapeshift also stopped servicing Washington citizens in August 2017.

The reason behind such active business suspension in the state is said to be related to tougher local regulation for the crypto sector. Specifically, the authorities ordered in early 2017 that the crypto companies had to reserve 100% deposited funds of their clients as well as pass cybersecurity auditing. In the course of the time, the state regulators eventually revised their stance towards cryptos and blockchain technologies. As a result, the officials approved the rule to legalize blockchain records.

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