The USD Wallet List is the list of states in which they claim to have licenses. The list at https://www.coinbase.com/legal/licenses seems to be the list of where they actually do. I checked NY and CA yesterday, and Coinbase isn't a listed money transmitter in either state.
Such pseudo-compliance is troubling. It suggests other problems. Remember, over half of Bitcoin exchanges have failed, usually taking user deposits with them.
> The USD Wallet List is the list of states in which they claim to have licenses.
No, it's the list of states that the wallet supports. Essentially, it's a list of states in which they believe they have the right to operate legally. Several of those states listed, for example, have no money transmission license requirements.
And I believe NY has said that any enforcement will only happen after the Bitlicense is in place.
I'm sure Coinbase has problems we're not aware of (any rapidly growing business does), but they're clearly striving for legal compliance, arduous and farcical though those legal requirements may be.
The legal requirements are hardly "farcical", considering the "take the money and run" business practices of the more than half of Bitcoin exchanges that have gone bust. California does have requirements for money transmitters, and Coinbase is not on the list. The list: (http://www.dbo.ca.gov/Licensees/money_transmitters/money_tra...).
The list on line is current. I just called the California Department of Business Oversight to check. Coinbase is not a licensed money transmitter in California. (When I mentioned Coinbase, the Business Oversight asked "did you just call about that"? I hadn't; others are asking them about Coinbase.)
Trying to run an exchange with just a money transmitter license is sleazy. Especially for a business hiding behind a mail drop in SF's homeless district. They need to be a registered broker/dealer to be taken seriously.
Today, the California Department of Business Oversight issued a warning on Coinbase:
“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.”[1]