After seven years of withdrawing its services from the Hawaii digital assets market, Coinbase has announced that it is resuming operations in the island state of the U.S. Interestingly, the exchange’s latest decision followed regulatory reforms in Hawaii after years of strict restrictions hampering crypto expansion.
Breaking the news on X, Faryar Shirzad, a Chief Policy Officer at Coinbase, remarked, “I am thrilled to share that recent regulatory changes paved the way for Coinbase to enter Hawaii today, which means we are now operational in all 50 states.”
I'm thrilled to share that recent regulatory changes paved the way for Coinbase to enter Hawaii today, which means we are now operational in all 50 states. This is just the latest in a series of important regulatory clarity wins across the globe! 🌴 https://t.co/Uo8lHLiQnw
— Faryar Shirzad 🛡️ (@faryarshirzad) August 13, 2024
Regulatory Reforms Hit Hawaii
While regulatory reforms have emerged as the main drivers of Coinbase’s return to Hawaii, the trading platform exited the state for similar reasons in 2017. Among the stringent regulations that forced Coinbase’s exit in 2017 - a mandatory MT license topped the list.
However, following the regulatory revamp, the compulsory MT license was scrapped, setting a precedence for Coinbase’s reignited interest. Hence, the Platform has resumed operations in the island states amid excitement among market participants.
Coinbase Discloses Exciting Opportunities for Users
Following its recent re-entrance into the Hawaii crypto market, Coinbase has revealed attractive trading options and other remarkable features for users. Per a blog article on its official website, the exchange noted that Hawaii residents can now seamlessly trade crypto assets. Part of the statement read thus, “Whether brand new to crypto or an expert, Coinbase makes it easy and seamless to get started with and manage crypto.”
Apart from the seamless trading experience, Coinbase noted that Hawaii users will enjoy staking opportunities with an avenue to earn rewards. The exchange stated that customers can amass 12% in annual percentage yield (APY). Additionally, holding USDC qualifies users to earn potential rewards.
For professional traders, Coinbase revealed that they will access sophisticated trading tools and other features that make transacting fun. According to the post, the advanced market tools will include complex charts powered by refined Application Programming Interfaces (APIs) and TradingView. In addition, users will access over 500 spot pairs with zero fees attached.