фото показано с : blokt.com

Just like other Chinese cryptocurrency exchanges that had to abruptly close shop last year, OKCoin had no choice but to relocate its business to friendlier shores. This time, the company is setting its eyes on the West to expand its business and has already announced plans to expand its US presence to 20 more states.

OKCoin USA announced on Sept. 12 that it already received approval to expand to 20 new states, according to a Yahoo Finance article. This will expand the company’s network in the United States, one of the largest crypto markets in the world.

The regulatory approval will bring OKCoin USA’s services to residents in Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah, and Wisconsin.

Commenting on its US expansion, CEO Tim Buyn stressed the need to work with existing and new regulations and said:

“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. 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.”

However, customers in the 20 states that are newly added to OKCoin USA’s network will only be able to access the crypto-to-crypto trading feature. At the moment, only California residents will be able to purchase and sell cryptocurrencies against the dollar using the platform.

OKCoin opened its first US office in California after the Chinese ban forced the crypto exchange to scout for another location. OKCoin USA is headquartered in San Francisco and already has an established clientele that generates around $700,000 in daily trading volume.

Last year, Chinese crypto exchanges faced a huge threat to their corporate existence when the Chinese government decided to impose a crypto trading ban and close exchanges. When confronted with such an unyielding government stance, these crypto firms were forced to establish their businesses offshore. Huobi, for instance, partnered with a US exchange operator to launch the HBUS, which already generates daily cryptocurrency trading volume of around $1.7 million.

OKCoin Expands US Business To 20 States was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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