- OKCoin cryptocurrency exchange commences operation in the US.
- The exchange, OKCoin US offers trading services between the USD and top cryptocurrencies.
United States: OKCoin crypto exchange has officially commenced fiat-to-crypto trading operations in the US market, offering transactions between the USD and a number of major digital currencies.
On Friday, 13th July, OKCoin stated on its website that it has already begun the new offering, and supports both USD deposit and withdrawal and also trading against BTC, BCH, LTC, ETH, and ETC.
Last year November, the exchange filed a money service business (MSB) registration with the US FinCEN (Financial Crimes Enforcement Network). According to the filing, OKCoin USA Inc. is the legal body backing the exchange and is based in Mountain View, California.
The exchange, however, stated on its website that the cryptocurrency trading service is presently available to Californian investors only. The initial MSB filing also revealed that the exchange has plans to carry out its operations in its home state first.
Prior to the launching of the exchange in the US, Huobi had already taken a similar move and commenced a crypto-to-crypto trading service in all the states in the US this month with support from a partner called HBUS.
HBUS had also filed a money service business registration with the Financial Crimes Enforcement Network earlier this year. The co-founder and CEO of Huobi, Li Lin, however, noted that the registration with the FinCEN has not necessarily resolved all the regulatory matters that may possibly come with operating crypto exchange within the US market.
According to report, both Huobi and OKCoin were 2 of the top 3 cryptocurrency exchanges operating in China before the 2017 People’s Bank of China notable ban on all crypto trading operations. This ban made both crypto exchanges moved their crypto-to-crypto trading services abroad.
A copy of the OKCoin’s MSB registration filing with the US FinCEN can be seen here.