One year after it was forced to shut its doors in the wake of a government-issued trading ban, the cryptocurrency exchange that was based in China, OKCoin, is eyeing a big comeback in the latest Bitcoin news.
Now, the major cryptocurrency exchange OKCoin has headquarters in San Francisco, making it a successful US-based offshoot. As of recently, the exchange received a regulatory approval to expand into 20 new states and with that expand its reach into one of the world’s largest crypto markets.
As the exchange’s operator and CEO named Tim Buyn stated:
“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,”
He also said that the team behind OKCoin has “worked diligently within the complexities of the US regulatory frameworks” and shared his excitement towards taking this step forward. With this, OKCoin aims to “break the barriers preventing a truly global digital asset market while adhering to the long established regulations”, according to Buyn.
Previously, OKCoin was only open to traders in California where it received around $700,000 in daily trading volume and with that ranking at the 125th place among global exchanges.
Now, OKCoin will be available in 20 new jurisdictions that include the states of Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah, and Wisconsin.
However, Californians remain the only customers who can trade directly against the US dollar. In other states, traders will only have access to crypto-to-crypto trading against Bitcoin (BTC) and Ethereum (ETH) with no fiat markets at all.
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