Residents of New York can now carry out Stellar and Chainlink trading on the US-based crypto exchange Coinbase.
This is according to a tweet on the exchange official twitter handle on Wed, September 26. Crypto investors are thrilled by this recent development, as New York residents rarely enjoy such services. Over the last couple of months, several platforms turned out to be unavailable, including Binance U.S.
This move by Coinbase will also expose the platform to the rudiments of altcoin trading.
According to the company’s official tweet:
“Stellar Lumens (XLM) is now available to Coinbase users who are New York residents”. The tweet also pointed out that New York residents will also be able to make use of Coinbase’s mobile app and official website.
“…New Yorkers can now log in to buy, sell, convert, send, receive, or store XLM on Coinbase or using our iOS and Android apps.”
Stellar Lumens (XLM) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XLM on https://t.co/bCG11KMQ6s or using our iOS and Android apps. https://t.co/gArFJPP6K7 pic.twitter.com/eTtVaH9JdT
— Coinbase (@coinbase) September 25, 2019
New York resolute stance against cryptocurrencies
The state has always been firm in its opinion against cryptocurrencies. In a bid to stamp out any form of fraudulent crypto activities, it created the BitLicense rules in 2015. A set of regulations, that only a few exchanges could actually fulfill. Several exchanges like Binance, Coinbase Pro etc had to delist New York residents. Exchanges like Circle moved out of the state to more crypto receptive areas.
The American exchange, however, seems to be doing a lot of things right, as New York regulators had no issue giving the platform the go-ahead to list these coins. This recent development is definitely a welcome relief to crypto investors and traders residing in New York.
Coinbase also suggested that it will soon be listing a diverse amount of cryptocurrencies on its platform. It however added that places with stringent laws like New York will have to wait.
The exchange stated: “We will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations.”