[2015-08-20] Coinbase Turns Its Back On Bitcoin Users By Applying For BitLicense

[jdebunt]

http://digitalmoneytimes.com/crypto-news/coinbase-turns-back-bitcoin-users-applying-bitlicense/

Many people will see this decision as proof that Coinbase turned their backs on the Bitcoin community they so desperately want to appeal to.  Before the Bitcoin regulatory requirements became official, Coinbase was one of the biggest advocates leading the charge against this type of virtual currency regulation.

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[RustyNomad]

I'm not sure how many clients CoinBase has in the NY area but guess there is quite a few.

Also, CoinBase has received some substantial investments and I think they have little choice but to apply/register as that is what their investors expect of them. At the end of the day it all boils down to money.

[pedrog]

So, they are spending a lot of money and resources to continue serving NY users and they are the ones turning their back on users?

[Mr Tea]

So, they are spending a lot of money and resources to continue serving NY users and they are the ones turning their back on users?

Exactly. Seems like a bullshit article written by someone who doesn't know anything. Any legit bitcoin company is going to have to comply with regulation sooner or later. Don't and you're an ilegal site and all your customers are breaking the law too. Regulation is going to come regardless of whether people like it or not and its just a symptom of bitcoin gaining legitimacy and entering the mainstream. Pointless to fight it.

[Carlton Banks]

Hopefully, Coinabse will end up as a thing where people will open an account for just long enough to help them get out of NY state. They'll be no good for much else after a while, I think everyone spotted the direction they were going in from the beginning.

[gentlemand]

The NYSE invested in them. What else does anyone expect they were gonna do?