Coinbase Accounts Message to Wyoming Holders

It seems Coinbase is suspending business in Wyoming and therefore, locking out of the system anyone who is a resident of that state.

On their Coinbase accounts statement, they note:

*"Although we strive to provide continuous access to Coinbase services, Coinbase is indefinitely suspending its business in Wyoming.

The Wyoming Division of Banking has recently communicated regulatory policies which we believe will render continued Coinbase operations there impractical. In particular, we understand that the Wyoming Division of Banking interprets the Wyoming Money Transmitter Act to require licensure of entities which offer hosted wallet services, and that as a condition of such licensure, licensees must maintain dedicated fiat currency reserves in amount equal to the aggregate face value of all funds held on behalf of customers. Although Coinbase securely maintains 100% of all customer funds, it is impractical, costly, and inefficient for us to establish a redundant reserve of fiat currency in equivalent value.

We understand this suspension will inconvenience our Wyoming customers and we apologize that we cannot currently project if or when our services may be restored." *

As you can imagine, holders are not happy especially since they cannot access their accounts to change their state of residency even if they move.

Would that be considered as theft?

Now, all kinds of warnings are being posted to stay away from this service. Hopefully, none of you here will have been affected by this action.