Bitcoin services provider Xapo has confirmed that it will no longer operate in the state of North Carolina.
Speaking to CoinDesk, Wences Casares, founder of Xapo, said:
As previously reported, an effort to regulate digital currency activity under the state's money transmission laws advanced in the North Carolina Senate earlier this week.
Mounting regulation concerns
Xapo is not the first company to cease operations in a part of the United States amidst the development of regulation perceived to be onerous and potentially damaging to digital currency focused companies.
In June, San Francisco-based Coinbase announced that it was shutting down operations in the state of Wyoming until further notice, citing actions taken by the Wyoming Division of Banking.
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