Announcing a Return to our Roots: The All-New Bitcoin Magazine
Verified on Po.et Created with Sketch. Verified on Po.et

OKCoin Expands Token-to-Token Platform to 20 States

by

        OKCoin Expands Token-to-Token Platform to 20 States
OKCoin Expands Token-to-Token Platform to 20 States

Today, September 12, 2018, OKCoin announced that the company will be offering token-to-token only trading in twenty states across the U.S. This announcement of its expansion in U.S. markets comes shortly after OKCoin/OKEx founder Star Xu was questioned and released by Chinese police in connection with an alleged digital currency fraud. OKEx is the second largest global exchange by volume, according to CoinMarketCap, (though that volume has been called into question) and now OKCoin is hoping that its own volume will increase with low fees in a market-maker favored pricing model.

OKEx was launched in 2014 to target peer-to-peer trading of hundreds of cryptocurrency pairs. The digital asset exchange was to supplant the 2013 version of OKCoin, which enabled Chinese Yuan to BTC payments. However, the past 18 months of regulatory changes amongst major economies have left OKEx unable to cater to investors and speculators in many countries, including the United States. OKCoin international was relaunched only in April of this year and had previously only operated in California as a fiat-to-token trading platform earlier this summer, so this token-to-token platform should enable a U.S. service to OKCoin previously denied to OKEx.

Given its currently limited pool of tradeable cryptocurrencies (BTC, LTC, ETC, ETH, and BCH), it may be hard to differentiate OKCoin from U.S. mainstays. However, this limited pool may be why OKCoin has been able to secure Money Transmittal Licenses (MTLs) from twenty states in the first place.

In its press release on the expansion, OKCoin states, “We have worked closely with regulators and researched regulations in every state to ensure that we are complying with Federal and State convertible virtual currency rules.” According to the same release OKCoin is in the process of applying for MTLs in the remaining states for both token-to-token and fiat-to-token trading.

This could prove to be a challenge in certain states, such as Vermont, New York and Washington. However, notable wins include Massachusetts where state licensing and enforcement on those selling cryptocurrency is notoriously stringent, and Secretary of the Commonwealth William Galvin has been vocally anti-bitcoin. OKCoin CEO Tim Buyn stressed the importance of working within the U.S. regulatory frameworks to “break down the barriers preventing a truly global digital asset market.”

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.


Recommended

Report: Crypto Exchanges Saw Trading Volumes Plummet in January

Blockchain and cryptocurrency research firm Diar has released a report that reveals a sizeable drop in crypto trade volumes in January 2019 for popular crypto exchanges Binance, Gemini, OKEx and Coinbase.

Jimmy Aki

Morgan Creek Bags $40M Raise, Attracts Industry First Funding From Pensions

Two pension plans from Fairfax County, Virginia, the $1.43 billion Police Officer’s Retirement System and the $3.9 billion Employee’s Retirement System, were the lead investors.

Colin Harper

Bitcoin Price Analysis: Strong Rally Set to Test Overhanging Resistance

There are major resistance levels to consider when viewing the health of the bitcoin market, but given the strength of the current move, it seems likely we will see a continuation of the uptrend in the price of bitcoin.

Bitcoin Schmitcoin

Abra Users Can Now Buy Stocks and ETFs Using Bitcoin

According to Abra CEO Bill Barhydt, everyone should have access to capital markets, regardless of where they live in the world or the amount of capital they have at their disposal. This is where Bitcoin comes in.

Jimmy Aki