OKCoin, a cryptocurrency exchange based in the U.S. and founded in 2013 is now offering support to 4 more states. As a result, it adds up to the 20 U.S. states which the exchange is providing services to its customers. The approval for the expansion shows that the exchange is complying with the state and federal laws, according to a media outlet’s report on April 9.
OKCoin Adds Support for Georgia, Montana, and Others
Per the report, OKCoin has added support for Georgia, Montana, Missouri, and the Alabama States. These are locations which were not previously supported and now, cryptocurrency enthusiasts in the region can trade fiat-to-crypto or crypto-to-crypto
trading pairs. They can also deposit and withdraw the U.S. dollar from the platform.
On the digital asset exchange, the dollar can be used to trade against Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, and Litecoin. Users in California, for instance, can trade either of these assets against the dollar while those in other states will have to rely on crypto-to-crypto trading pairs. There are also plans to add more trading pairs in the near future.
Crypto Exchange Filed for Money Transmittal License
Prior to the expansion, the cryptocurrency exchange filed a money transmittal license (MTL). It had also filed for registration of money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) in 2017. Therefore, getting approved for both shows that the platform is complying with the laws of the state and the federal government. It has also helped to improve its regulatory status in the country.
Asides from the four new states that are supported, cryptocurrency enthusiasts in 20 other locations can also take advantage of OKCoin. These are Minnesota, Nevada, Illinois, Massachusetts, Maryland, Alaska, Colorado, Idaho, Michigan, Arizona, New Jersey, Tennessee, Indiana, Kansas, Maine, Texas, and Wisconsin.
Crypto Exchanges Relocate from China Due to Stringent Regulations
Further reports reveal that OKCoin was once based in China before it had to relocate due to the non-friendly crypto laws in the region. The same is the case with other companies in the industry which had to find greener pastures. A number of these settled for Japan, another Asian country that is more receptive of the cryptocurrency industry.
BTCNN on December 28 informed that 190 companies had shown interest in Japan.
Financial Services Agency (FSA), the financial regulators in the region revealed that these companies had made inquiries on how to launch products in Japan’s cryptocurrency market. It was also an increment from the 160 companies that had inquired in August 2018.