OKCoin Exchange Launches in The United States
The platform has recently launched its services within the US, offering an exchange for fiat-crypto trading between the Dollar and many leading digital tokens. The website states that is now operational and provides a wide array of trading and management services to its clients.
The exchange has announced that customers may withdraw and deposit US dollars and the available trading currencies are top cryptocurrencies Bitcoin, Litecoin, BCH, Ethereum and Ethereum Classic. Filing for registration with FinCEN last year, the company applied for an MSB to jumpstart operations.
As of now, only investing parties with California can use the company’s fiat-crypto trading service which was part of the original MSB conditions. Houbi, another cryptocurrency exchange recently launched its own trading platform throughout the entire United States, although its trading services are only crypto-to-crypto.
Although HBUS, Houbi’s legal entity in the US filed for an MSB registration in 2018, Houbi’s CEO, Li Lin, stated that even through MSB registration and approval, not ever regulation regarding cryptocurrency trading platforms operating in the United States is completely covered.
Coindesk had previously reported that both trading exchange companies were among the leading three exchanges in China’s digital industry before regulators enforced a full ban on any digital coin trading within the country, a law placed by its central bank.
As a result of the complete ban, many crypto-involved businesses began looking for alternative solutions and turned to global trading, shifting operations out of China and many other locations including the US to continue operations with a large part going to crypto-crypto trading operations.