The OKCoin crypto exchange announces its expansion into 20 U.S. states offering crypto-to-crypto trading. The exchange has launched a Fiat-to-Token trading platform in the U.S. earlier this summer. U.S. based institutional investors and traders who hail from far-flung states such as Texas, Maine and Alaska now have access to the most secure, fastest and most reliable trading platform with costs as low as zero percent for makers and 0.05 percent for takers for a wide variety of digital assets.
These 20 news U.S. states include Arizona, Colorado, Alaska, Illinois, Idaho, Kansas, Indiana, Maryland, Maine, Michigan, Massachusetts, Missouri, Minnesota, Montana, New Jersey, Nevada, Texas, Tennessee, Utah, Texas and Wisconsin.
OKCoin crypto exchange CEO Tim Byun said that in order for the crypto market to reach its full potential, exchanges like OKCoin would have to work with new and existing regulators for digital goods or securities and convertible virtual currency.
To carry out the above-mentioned mission, the exchange’s team collaborated closely with regulators of each state to ensure that OKCoin is fully compliant with both State and Federal laws. The exchange added that it is applying for money transmittal licenses (MTL) for both fiat-to-token and crypto-to-crypto trading to bring a similar regulated trading platform to the remaining states, as mentioned on the OkCoin’s Medium blog. OKCoin intends to open up trading in additional U.S. states after they get an MTL or after they gain clarity on the fact that crypto-to-crypto trading is permissible.
The exchange’s move came shortly after Huobi, one of its biggest competitors, hired its former CEO and launched HBUS, a San Francisco-based exchange. The HBUS exchange offers crypto-to-crypto trading pairs on all 50 of the country’s states. It, however, does not offer fiat currency trading pairs, as mentioned in the CryptoGlobe report.
Xu Xing, OKCoin crypto exchange founder was detained by the Shanghai police recently, for questioning. He was later released after 24 hours. He was detained to assist in the investigation pertaining to his alleged involvement in the OKEx exchange manipulation of BTC futures on its trading platform.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy the website. ]