Bitfinex withdraws from Washington State over license issue

Digital currency exchange Bitfinex has exited the state of Washington. Bitfinex withdraws from Washington State over license issueLast week, Bitfinex clients received a message from the exchange that it will stop offering its services to residents of the Washington State. According to reports on Reddit, the cryptocurrency exchange gave its current customers in Washington until March 1 “to withdraw their funds and transfer property off the Bitfinex site.”

In a message shared by a Bitfinex user, the digital currency company said it has no plans of securing a money transmitter license, hence the decision to withdraw its services in the state.

“Over the past several months, we have been in discussions with representatives of the Washington State Department of Financial Institutions (DFI) about Bitfinex’s business and, specifically, services provided to Washington customers. DFI representatives take the view that we may not offer our platform services to Washington state residents without obtaining a state money transfer license in their state,” Bitfinex said. “At this time, we are not obtaining a money transmitter license in Washington and, accordingly, we will no longer be doing business with verified Washington customers, effective immediately.”

This is the second time in recent days that a digital currency exchange ceased to offer its services. Last week, Coinbase told its customers in Hawaii to close their accounts “within the next 30 days” as the company is exiting the state due to a new policy imposed by the Hawaii Division of Financial Institutions, which requires digital currency businesses to maintain cash reserves in an amount equal to the aggregate face value of digital currency funds held on behalf of customers.

“No digital currency business—and frankly, no commercially viable business anywhere—has the capital to supplement every customer bitcoin with redundant dollar collateral,” Coinbase said.

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