OKCoin Enters US Market with Fiat-to-Crypto Trading Service

China-based cryptocurrency exchange OKCoin has expanded to the US, offering transactions between USD and a number of major digital currencies.

China-based cryptocurrency exchange OKCoin said on Friday that it has expanded its trading operations to the US and now offers transactions between USD and a number of major digital currencies.

The launch of the new branch based in Mountain View, California, comes after OKCoin filed a Money Service Business (MSB) registration with the US Financial Crimes Enforcement Network (FinCEN) in November 2017.

The new service, “fully compliant with applicable US regulations”, is currently available to California users only, but “other US states [are] coming soon,” OKCoin said in a blog post.

According to the statement, OKCoin is already accepting US dollars deposits and withdrawals, as well as trading against Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH) and Ethereum Classic (ETC). More trading pairs are set to be supported in the future, the exchange further revealed.

To celebrate its foray into the US crypto market and attract investors, OKCoin is also offering some promotional terms:

“For a limited time, all OKCoin users will enjoy a weekly rebate of 70% of regular trading fees paid. In addition, all users will be able to earn an unlimited amount of referral fees by inviting their friends to trade on OKCoin. Specifically, users will earn 30% of their referred traders’ regular trading fees paid.”

OKCoin’s expansion move comes after earlier this week Chinese peer Huobi launched its crypto-to-crypto trading service in the US through San Francisco-based partner HBUS.

OKCoin and Huobi were two 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, both companies have since shifted their operations overseas.