The U.S. division of OKCoin cryptocurrency exchange has announced its expansion of token-to-token trading into twenty new U.S. states.
The cryptocurrency trading platform, which has its U.S. headquarters in San Francisco, announced on Wednesday, September 12, that it has received regulatory approval to expand into the twenty new states, this is expected to expand its reach into one of the world’s largest crypto markets.
In its post, OKCoin listed the twenty U.S. states including Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah, and Wisconsin.
Prior to its entrance into the United States market, OKCoin USA was only available to traders in California, and according to CoinMarketCap, the crypto exchange attracted around $700,000 in daily volume, making it the 125th among global exchanges.
While speaking about the new development, Tim Buyn, CEO of OKCoin explained:
“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.”
Tim Buyn also stated that OKCoin will be working within the complexities of the US regulatory frameworks and that the U.S. team is collaborating with U.S. financial regulators in each state to make sure that OKCoin complies with both Federal and State laws.
In order to provide a regulated trading platform to the rest of the U.S. states, OKCoin is applying for money transmittal licenses (MTL) for both token-to-token and fiat-to-token trading. OKCoin was forced to shut down operations last year following a government-imposed trading ban.