The Chinese cryptocurrency exchange OKCoin has expanded its services on the American market, providing trading pairs between US Dollar and specific cryptocurrencies.
As reported by OKCoin on Friday, the new branch has already been opened in the US and awaits customer deposits. The Beijing-based cryptocurrency exchange now supports trading pairs between USD and Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and Ethereum Classic (ETC).
To operate legally on the US market, the company has registered with the U.S. Financial Crimes Enforcement Network (FinCEN) since November 2017. According to the documents, the company that manages the US subsidiary is called OKCoin USA Inc. and is based in Mountain View, California.
The service is available only in California
Everything is fine up to one point. As written on its website, OKCoin has limited the fiat-to-crypto trading support to clients based in California, as indicated as well in the initial Money Service Business (MSB) form.
The announcement on expanding platform services on the US market comes a week after the famous crypto trading platform Huobi released a crypto-to-crypto service available throughout the US. This expansion was done in collaboration with HBUS partner, which is registered under the national laws in force.
As reported by the media, the two competitors OKCoin and Huobi were once among the strongest exchanges on the crypto market in China before their existence was banned by the People’s Bank of China in September 2017. Both companies redirected across borders targeting crypto-to-crypto services.
Currently, OKCoin registers a 24-hour trading volume of $ 151,691 and supports five cryptocurrencies: BTC, BCH, ETH, ETC, and LTC. As a result of the recent expansion, we expect the volume of transactions to rise significantly in the near future.