Crypto Exchange OKCoin Expands To 20 New US States

News | September 14, 2018 By:

Cryptocurrency exchange OKCoin has expanded its token-to-token trading platform into 20 new US states.

Established in China in 2013, OKCoin is known as first regulated digital asset exchanges. In October 2017, the company ceased its operations because of a Chinese government ban on crypto-to-fiat trading. The exchange relocated its operations outside of China by launching a P2P trading platform via international affiliate companies.

After launching its fiat-to-token trading platform in California earlier this summer, OKCoin’s surge into the US markets took another leap forward, as they announced their expansion into 20 new states with token-to-token trading. The new states include Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah, and Wisconsin.

Jim Nguyen, VP Marketing at OKCoin, said that crypto traders and institutional investors in these states would now have access to “the most secure and most reliable trading platform for a wide variety of digital assets, with costs as low as 0% for makers and 0.05% for takers.” Nguyen claims that they collaborated closely with regulators in each state to ensure the platform is fully in compliance with both federal and state laws. He added that the company will launch its platform in more states shortly.

“In further attempt to bring similarly regulated trading platform to the remaining states, we are applying for money transmittal licenses (MTL) for both token-to-token and fiat-to-token trading,” Nguyen said. “We will prudently open up trading in additional states once we obtain either an MTL or clarity that token-to-token trading is permissible.”

OKCoin CEO Tim Byun said that 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.

“Our team has worked diligently within the complexities of the US regulatory frameworks,” said Byun. “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.”