Cryptocurrency exchange OKCoin said on Monday that it has expanded its trading operations to four more American states and now offers transactions between a number of major digital currencies.
The expansion comes as OKCoin enhances its regulatory status after it filed for a money transmittal license (MTL) that allows the venue to offer both crypto-to-crypto and fiat-to-crypto trading pairs. OKCoin has previously filed a Money Service Business (MSB) registration with the US Financial Crimes Enforcement Network (FinCEN) in November 2017.
In addition to users in more than 20 states, the new service, which the exchange says is “fully compliant with both Federal and State laws”, is currently available to users in Alabama, Georgia, Missouri, and Montana. The list of supported states also includes Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah, and Wisconsin.
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Investors from these states will have access to OKCoin’s crypto-to-crypto trading services, with Californians remaining the customers allowed to trade directly against the US dollar.
More about OKCoin
OKCoin is already accepting US dollars deposits and withdrawals, as well as trading against Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH) and Ethereum Classic (ETC), with more trading pairs are set to be supported in the future.
OKCoin was one of the three major crypto exchanges in China before the authorities’ crackdown on the virtual asset industry, including a ban on ICOs in September 2017. Fleeing the hostile business environment, the exchange along with its peers have since shifted their operations overseas.
OKCoin International handled $8.4 million in cryptocurrency trading in the last 24 hours, according to CoinMarketCap. Its crypto-to-crypto entity, OKEx, is the number one ranked cryptocurrency exchange by adjusted trading volume on, currently trading around $1.96 billion over a 24 hour period.