One of our infrastructure providers, Prime Trust, has withdrawn its Money Transmitter License from the state of Texas. While they intend to swiftly reapply and restore business in Texas, until that happens, they will not be able to service our members in Texas. This will result in the suspension of some Coinbits services for Texas residents on January 31^st. 

Are my funds put at risk?

No. The bitcoin and U.S. dollars in your account will continue to be available for withdrawal on and after January 31st, regardless of the license renewal.

Nevertheless, we encourage you to take custody of your funds. We offer resources and guides for withdrawing funds from Coinbits.

I’m a Texas resident. Do I need to do anything?

Yes. Although you do not yet need to close your account., we suggest that you begin to transfer your funds off our platform into self custody (see above) or another solution at your convenience. Features such as Round Ups and Saving Habits will be paused. You will continue to be able to use Cash Out and Send Bitcoin.

I was a Texas resident when I opened my Coinbits account, but I have since moved out of state. Do I need to do anything?

Yes. Visit this website and update your address to avoid disruptions to your account.

Will Coinbits serve Texas in the future?

Yes! Texas is one of the most forward-thinking and dynamic regions in the world. We are finding a solution that will serve Texas and other jurisdictions. Stay tuned and thank you for your patience.

Will residents of other states be affected?

We have no reason to believe residents of other states will be affected. However, as we build Coinbits, we are making it resilient to these kinds of issues in the future.

We apologize for any inconvenience this may cause, and appreciate your patience and understanding during this process. If you have any questions or concerns, please do not hesitate to contact us at support@coinbits.app