After a successful launch in California, the OKCoin cryptocurrency exchange is expanding into 20 new states.
The naysayers may still be painting doom and gloom pictures of the cryptocurrency industry, but acceptance and adoption are steadily growing. The latest example of this is the massive expansion of OKCoin, the Hong Kong-based cryptocurrency exchange, into 20 new states within the USA.
OKCoin Increasing Their Reach
The cryptocurrency exchange set up shop earlier this summer in California. The platform is now using that successful venture as the springboard to move into additional states.
The exchange announced that they had expanded their token-to-token trading activities to the following states: Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah, and Wisconsin.
Token-to-token trading is now live in 20 more states! OKCoin continues to work with local laws and regulators to ensure we operate a fully regulated exchange. https://t.co/dJ63vKWScX#Cryptocurrency #Exchange #Trading
— Okcoin (@Okcoin) September 12, 2018
OKCoin went out of their way to work with regulators to ensure their ability to operate within the different states. This is no small task as each state can have different criteria for approval. The exchange also notes that they are in full compliance with all state and federal laws. The exchange is applying for money transmittal licenses (MTL) for both token-to-token and fiat-to-token trading for those states that they are not currently allowed to operate in.
Of this new expansion across the United States, OKCoin CEO Tim Buyn says:
In order for the cryptocurrency market to reach its full potential, exchanges like OKCoin have to work with existing and new regulators for convertible virtual currency, digital goods, and/or securities. 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.
Founder Being Questioned by Police
This new expansion is good news for the cryptocurrency exchange. However, its founder is currently facing scrutiny from law enforcement in China.
Xu Mingxing, the founder of OKCoin and OKEex, has been accused with fraud in regards to a little-known crypto project called WFEECoin. Xu is voluntarily cooperating with the police and maintains that he is not a shareholder of WFEECoin.
Police in Shanghai have opened up an investigation into the matter. Xu is not under arrest, but he may be in police custody for some time. It appears that the police investigation will continue until Xu can prove his claims of innocence.
The police investigation of Xu notwithstanding, this move by OKCoin into 20 additional states is a very positive development. It shows that state governments and exchanges are willing to work together, which only helps further the acceptance of cryptocurrency.
Do you live in one of the new states OKCoin can operate in? Let us know in the comments below.
Images courtesy of Shutterstock and Twitter/@OKCoin.