DBO Commissioner Owen Clarifies Coinbase Exchange’s Regulatory Status in California

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SACRAMENTO – Department of Business Oversight Commissioner Jan Lynn Owen today issued the
following statement to correct erroneous reports that Coinbase Exchange has received regulatory approval
from the State:
“Numerous press accounts about Coinbase’s Jan. 26 launch of Coinbase Exchange erroneously reported the
Exchange has received regulatory approval from the State of California. 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.”
In the Jan. 26 announcement, Coinbase called the Exchange a platform for bitcoin trading.

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