OKCoin exchange expands across the US
Cryptocurrency exchange OKCoin is expanding its token-to-token trading platform across the US. It announced yesterday that it is now ready to provide services to residents of 20 more states, including Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah and Wisconsin. The platform offers trading of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin.
According to the exchange's VP of Marketing, Jim Nguyen, OKCoin worked with regulators in each of the states to ensure that it complied with local and federal regulations. Tim Buyn, OKCoin CEO, added, “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.”
The exchange has also submitted requests to be awarded money transmittal licenses to offer both fiat-to-token and token-to-token trading. Once the licenses are approved, it will launch its platform in other states around the country.
The expansion into the US comes at the same time as OKCoin affiliate exchange OKExchange is dealing with a bit of negative publicity. OKExchange founder Star Xu was recently arrested in China over allegations of fraud that stem from his involvement with the WFEE digital currency. WFEE investors have claimed that WFEE has defrauded them and, as a result, Xu's status as a shareholder led to his arrest. He was held for 24 hours, but released after no connection was found between Xu and WFEE.
According to OKEx COO Andy Cheung, “Mr. Xu has no equity relationship with WFEE and its company. Though WFEE has acquired OKBC's [OK Blockchain Capital] and several other capitals' investment, the afterward changes of WFEE white paper and team members have not been given notice to OKBC.”