Coinbase accounts - Hawaii
Although we strive to provide continuous access to Coinbase services in all states in the US, Coinbase must indefinitely suspend its business in Hawaii.
The Hawaii Division of Financial Institutions (DFI) has communicated regulatory policies which we believe will render continued Coinbase operations there impractical.
In particular, we understand that the Hawaii DFI will require licensure of entities which offer certain virtual currency services to Hawaii residents. Although Coinbase has no objection to this policy decision, we understand the Hawaii DFI has further determined that licensees who hold virtual currency on behalf of customers must maintain redundant fiat currency reserves in an amount equal to the aggregate face value of all digital currency funds held on behalf of customers. Although Coinbase securely maintains 100% of all customer funds on behalf of our customers, it is impractical, costly, and inefficient for us to establish a redundant reserve of fiat currency over and above customer digital currency secured on our platform.
We ask Hawaii customers to please:
- Remove any digital currency balance from your Coinbase Account. Please note that you may remove digital currency from your Coinbase Account either by selling digital currency on the buy/sell page of your Coinbase Account (ordinary fees and restrictions apply), or by sending your bitcoin to an alternate bitcoin wallet;
- Visit this page to close your Account.
We understand this suspension will inconvenience our Hawaii customers and we apologize that we cannot currently project if or when our services may be restored.