OKCoin Crypto Exchange Adds Support For 20 New U.S. States

Cryptocurrency exchange OKCoin has announced that its crypto-to-crypto trading service has been expanded to include twenty new states in the USA. OKCoin expands regulatory status OKCoin announced on September 14 that it has expanded its trading operations to 20 new states in the US. The exchange also offers new trading pairs between a number of major digital currencies. The enhancement of its regulatory status comes shortly after the exchange filed for Money Transmittal Licenses (MTLs). Prior to the enhanced regulatory status, the exchange was only available to residents of California, despite boasting a user base of millions from over a hundred countries. OKCoin explained that in addition to residents of California, the new service (which OKCoin says is “fully compliant with both Federal and State laws”) is now available to residents of the following states. Alaska Arizona Colorado Idaho Illinois Indiana Kansas Maine Maryland Massachusetts Michigan Minnesota Missouri Montana Nevada New Jersey Tennessee Texas Utah Wisconsin OKCoin users in the above-listed states will be able to deposit and withdraw the US Dollar, and trade against: Bitcoin (BTC) Bitcoin Cash (BCH) Litecoin (LTC) Ethereum (ETH) Ethereum Classic (ETC) OKCoin announced in the blog post that the exchange plans to support more trading pairs in the future. The exchange is also offering promotional terms with transaction fees going as low as 0 percent for makers and 0.05 percent for takers. Need for regulating Cryptocurrencies The Vice-President of Marketing at OKCoin, Jim Nguyen, explained in the blog post that the crypto exchange had to collaborate with regulators in each state in order to comply with both federal and state laws. Cryptocurrencies and exchanges have had problems operating in some areas due to regulation. Before the authorities cracked down on cryptocurrencies and exchanges in China, OKCoin was one of the three major crypto exchanges operating in the country. Compliance with federal and state laws will make the exchange more attractive to the US crypto market and investors. CEO of OKCoin, Tim Buyn said about the expansion: “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.” Byun explained that OKCoin is ready to work with regulatory agencies to tear down the barriers standing in the way of a truly global market for virtual currencies. Prior to the approval of its regulatory status, OKCoin filed for a Money Transmittal License (MTL) to allow the blockchain company to offer both crypto-to-crypto and fiat-to-crypto trading pairs. The exchange also filed a Money Service Business (MSB) registration with the FinCEN (US Financial Crimes Enforcement Network) in 2017. According to OKCoin, once it receives the MTL, the exchange will be able to operate its token-to-token and fiat-to-token trading platforms in other States as well.