Poloniex shutting down all operations in Washington

Customers of one of the world’s largest cryptocurrency exchanges, Poloniex, have recently received messages stating that the exchange has to shut down all operations in Washington state, US. Washington residents have only two weeks to close any open orders and withdraw funds from Poloniex.

According to the letter, after consideration of the Washington State Department of Financial Institutions’ interpretation of its financial services regulations, Poloniex decided to suspend operations for its customers residing in Washington until further notice.

The reason for this is the Uniform Money Services Act (UMSA), chapter 19.230 RCW, that states that in Washington, crypto-currency is a medium of exchange not authorized or adopted by a government, thus is included in the definition of “Money Transmission” and may require licensing for companies wishing to transmit money for Washington residents.

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