OKCoin, one of the world’s first and largest regulated digital asset exchanges has announced its expansion into 20 more U.S. states. Today’s announcement is important not only because OKCoin is now available to nearly half of the US, but because it speaks to the company’s rollout strategy of working with regulators and securing licenses in every US state before entering each one.
California was just the beginning. After launching a fiat-to-crypto trading platform in the golden state earlier this summer, OKCoin’s surge into the US markets took another leap forward today, as the company announced their expansion into 20 new states with crypto-to-crypto only 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.
OKCoin says it has worked closely with regulators and researched regulations in every state to ensure that it is complying with Federal and State convertible virtual currency rules. OKCoin is also in the process of applying for money transmittal licenses (MTL) in the remaining states for crypto-to-crypto trading as well as fiat-to-crypto trading. The company says it will open up trading in additional states once obtaining either an MTL or clarity that crypto-to-crypto trading is permissible.
[perfectpullquote align=”full” bordertop=”false” cite=”Tim Buyn, OKCoin CEO” link=”” color=”” class=”” size=””]“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.”[/perfectpullquote]