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Coinbase Exchange is not licensed to operate in California under existing money transmission laws, the California Department of Business Oversight (DBO) has reportedly stated.

 

According to Coindesk, the regulator’s press release describes media reports claiming that Coinbase had received approval to operate its exchange service in California as mistaken. However, the agency’s website’s section for press releases does not contain any such statements.

DBO Commissioner Jan Lynn Owen allegedly said:

"The California Department of Business Oversight has not decided whether to regulate virtual currency transactions, or the businesses that arrange such transactions, under the state’s Money Transmission Act. California consumers should be aware Coinbase Exchange is not regulated or licensed by the State.”

The DBO’s statement is said to have been issued in order to "correct erroneous reports that Coinbase Exchange has received regulatory approval from the State".

The launch of Coinbase’s new US-based exchange received mass press coverage yesterday. The company claimed it had already secured regulatory approval in 24 states out of 50, situated all across the country, including New York and California.