OKCoin, a major digital currency exchange platform founded in the People's Republic of China, has recently acquired regulatory approval to conduct fiat-to-token trading operations in the following United States jurisdictions:
With fiat-to-token trading, OKCoin account holders are able to convert their U.S. dollars into major cryptocurrencies such as Bitcoin, Ethereum and Ripple, thus giving them more trading flexibility. When OKCoin started operating in the U.S., many of their trading options were limited to token-to-token, which means that account holders in certain states could only fund their trading accounts with digital wallets holding cryptocurrencies, but this is no longer the case in the seven states listed above. In Colorado, for example, OKCoin traders are still limited to conducting digital token transactions. In states such as Connecticut, Delaware and Florida, OKCoin is still working on getting operational approval from financial regulators.
What is interesting about OKCoin as a cryptocurrency trading platform is that principals have been focused on the American market from the start. Whereas other exchanges find it easier to gain regulatory approval in Europe before tackling the more complicated U.S. market, OKCoin has dedicated its efforts on a state-by-state basis. Should the company continue its regulatory approval streak, it will certainly stand out from competitors.
OKCoin has not completely ignored Europe; in fact, the company announced the inauguration of an office in Malta earlier this year; however, the island nation is known to be more progressive and relaxed with regard to cryptocurrency trading. The company is hoping that its affiliation with the Malta Financial Services Authority will enable future operations in Europe. In Latin America, OKCoin has opened an office in Argentina, a country where traders can fund their accounts with fiat pesos before conducting token transactions.
Finally, OKCoin remains firmly committed to blockchain development, particularly with regard to Bitcoin Cash, a cryptocurrency that has tried to establish itself as a good option for digital payments and circulation. OKCoin plans to invest 1,000 BTC in the near future for the purpose of improving the Bitcoin Cash blockchain, and it also plans to launch its own stablecoin for internal transactions.