OKCoin in California: OKCoin, an international cryptocurrency exchange, just announced that it has launched a branch within the US market offering cryptocurrency trading services between USD and several cryptocurrencies.
According to the company’s website, the crypto exchange has already launched in California and is working on getting its services approved in other states. Each state has its own guidelines, and the company is complying with the SEC’s guidelines. The company filed a money service business (MSB) with the US Financial Crimes Enforcement Network (FinCEN) back in November of 2017.
California residents are now able to deposit USD into the OKCoin system and trade for Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and Ethereum Classic (ETC).
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OKCoin in California: US Exchange Expansion
For the longest time, US crypto investors wanting to stick to US platforms only had two options: Coinbase/GDAX and Bittrex. Both have had their fair share of issues and failed to keep up with the growth of cryptocurrency.
To be fair, last year the market grew faster than most could keep up with, but Coinbase’s exchanges caused a lot of issues when coins were shooting up by over a hundred percent a day. When Bitcoin (BTC) hit its all-time high of $20,000 back in December of 2017, Coinbase/GDAX suffered outages that caused the sharp fall of coin prices.
Bittrex wasn’t taking new investors for nearly four months (December-April) after the explosion of cryptocurrencies. On April 10th, Bittrex opened registration for new users again, but within minutes the site was shut down. The company wasn’t prepared for the amount of traffic that instantly hit its site.
Now, it seems US investors will have more options. The Huobi Group, based in Singapore, just opened its US office. HBUS is open to all 50 states and has been working with government regulators from the start. Users must have a valid US address to create an account and accounts opened by any non-US citizens will be closed and blocked according to OFAC regulations.
And now, US investors will also have OKCoin as an option. Are you excited about this?
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