OKCoin, a leading cryptocurrency exchange, has recently announced that its branch in the United States is now going to offer crypto-to-crypto trading pairs in 20 states, adding to its fiat-to-crypto pairs in California.
According to a Medium post, the cryptocurrency exchange’s crypto-to-crypto traders will be able to see fees go as low as 0% for makers and 0.05% for takers. The 20 states its expanding to include Idaho, Alaska, Kansas, Maine, Massachusetts, New Jersey, Utah, and Texas.
Its CEO, Tim Buyn, noted that cryptocurrency exchanges like OKCoin need to work with regulators for the cryptocurrency market to “reach its full potential.” He added:
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.
The company’s post adds its team worked with regulators to ensure OKCoin is “fully in compliance with both Federal and State laws.” Going forward, OKCoin is applying for money transmittal licenses (MTL) to expand its crypto-to-crypto and fiat-to-crypto trading in the rest of the country.
Once it receives an MTL or regulatory clarity to expand, it’s going to do so. As CryptoGlobe covered, the exchange launched its fiat-to-crypto branch in California in July of this year, and at the time clarified other US states were coming soon.
As reported, the company filed a Money Services Business (MSB) registration with the country’s Financial Crimes Enforcement Network (FinCEN) in November of last year, but only got a license in July.
OKCoin’s move came shortly after one of its biggest competitors, Huobi, hired its former CEO and launched a San Francisco-based exchange called HBUS. HBUS offers crypto-to-crypto trading pairs on all 50 of the country’s states, but doesn’t offer fiat currency trading pairs.
OKEx, an exchange launched by OKCoin, is currently the second-largest by trading volume, as it traded over $800 million worth of cryptos in the last 24-hour period. Both OKCoin and Huobi were part of China’s “Big Three” crypto exchanges before the country’s crackdown.
OKCoin Under Investigation
Chinese business news source Caixin has recently reported OKCoin’s founder, Star Xu, was detained by police in Shanghai for questioning. He has reportedly been released after 24 hours and is said to have been detained to assist in investigating accusation’s claiming OKEx manipulated BTC futures on its platform.
The exchange has, last month, seen a huge $416 million leveraged long position on its BTC futures get liquidated after bitcoin’s price tumbled. The accusations against the exchange were brought forth by a group of investors who claim they lost a “significant” amount of funds over a system crash they claim OKEx planned.
Per Caixin, the traders weren’t able to clear their positions on September 5 when the price of bitcoin crashed because of OKEx’s crash. As CryptoGlobe covered, China National Radio (CNR) has also earlier this year claimed the exchange was illegally trading bitcoin futures contracts in the country.