By
Temitope Olatunji
April 26th, 2024
Having started its way in the U.S. from California, the digital asset trading platform OKCoin is expanding into 20 more states.
Have you ever heard about the digital asset trading platform OKCoin? Its launch in the Unites States has been firstly announced in California this summer. But the company is not going to stay at the already reached point. It has been revealed that it is planning to expand the services of the platform to 20 more states across the country.
OKCoin is known as one of the world’s largest and first regulated digital asset exchanges. Its users base includes millions of people from over 100 countries of the world. Since its launch in 2013, it has been offering individuals and institutions an opportunity to trade such digital assets as Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin on its fiat-to-cryptocurrency trading platform.
Its history in the U.S. began with California several months ago. But now it’s time to move further. The initiative to make the platform’s services available across approximately a half of the U.S. is very important not only from the point of view of expansion. This crucial step shows the company’s readiness to work with regulators and securing licenses in every U.S. state individually.
At the very beginning, in the newly added states, OKCoin will offer token-to-token trading only. It means that residents of these states will have a chance to get access to one of the most secure and fasters trading platform which commission is one of the lowest in the industry. The fee for makers is 0%, while takers will pay 0.05%.
The list of the states that will soon enjoy the benefits that OKCoin offers is quite impressive and includes: Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah and Wisconsin.
To get an opportunity to enter these states, the company had to work with regulators and to examine researched regulations in every state with a view to comply with Federal and State rules regulating crypto assets.
Commenting their new achievement, Tim Buyn, OKCoin CEO, 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.”
OKCoin is in the process of receiving approvals for token-to-token and fiat-to-token trading in other States as well. The platform will be available in the remaining states as soon as money transmittal licenses in these states are granted or it becomes clear that it is permitted to conduct token-to-token trading there.