Crypto Exchange OKCoin Makes Bold US Expansion Move
OKCoin’s crypto-to-crypto trading services are now available in 20 more US states.
Following a successful launch in California earlier this year, cryptocurrency exchange OKCoin has expanded its token-to-token trading services into 20 more American states.
The company said in a blog post on Wednesday that has extended its reach to the states of Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah and Wisconsin.
Investors from these states will have access to OKCoin’s crypto-to-crypto trading services, with Californians remaining the customers allowed to trade directly against the US dollar. The platform operator revealed that it had applied for money transmittal licenses (MTL) to expand both its crypto-to-crypto and fiat-to-crypto operations in the rest of the country. Apparently, regulators have so far approved only part of its requests.
In relation to its collaboration with local authorities, OKCoin noted that the exchange is in compliance with both Federal and State laws.
“In order for the cryptocurrency market to reach its full potential, exchanges like OKCoin have to work with existing and new regulators for convertible virtual currency, digital goods, and/or securities,” said OKCoin CEO Tim Buyn. “Our team has worked diligently within the complexities of the US regulatory frameworks. We’re excited to take this major step forward as we aim to break down the barriers preventing a truly global digital asset market while adhering to long established regulations.”
The expansion announcement comes the same week that Star Xu, the founder of OKCoin and affiliate crypto exchange OKex, was taken into custody for voluntary questioning in relation to his relationship with scamcoin WFEE Coin. Denying the allegations of fraud, Star was released after 24 hours.
OKCoin was one of the three major crypto exchanges in China before the government’s crackdown on virtual currencies and ban on Initial Coin Offerings (ICOs) in September 2017. Fleeing the hostile business environment, the company has since shifted its operations overseas. Peer Huobi also recently launched its crypto-to-crypto trading service in the US through San Francisco-based partner HBUS.