China-based OKCoin about to launch fiat-to-crypto business in USA

Posted 13 July, 2018

OKCoin, the exchange dealing with cryptocurrencies, has announced a US-based division for fiat-to-crypto trading. The platform will support US dollar and some leading digital coins.

The company has stated that the new offering is already in progress. For now, clients can deposit or withdraw funds in the US dollar terms. The list of supported cryptocurrencies includes Bitcoin, Bitcoin Cash, Litecion, Ethereum and Ethereum Classic.

Back in November 2017, OKCoin lodged the corresponding application for money service business with the U.S. Financial Crimes Enforcement Network (FinCEN) targeting the new business. According to the released document, "the legal entity behind the exchange is called OKCoin USA Inc." with the office in Mountain View, California.

Notably, the statement on the company website reads that only California clients will be able to use fiat-to-crypto service, which is covered in the MSB application.

For reference, another exchange Huobi as a strategic partner, announced a new US-based trading platform HBUS, that covers practically the whole country. However, the new platform does not support fiats so far.

Huobi and OKCoin are not the top exchanges but were forced to expand the geography of their services facing restrictions from the Central Bank.

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13 July, 2018 15:02

← Crypto miners get new payroll scheme for electricity supplies in New York state

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13 July, 2018 12:11

Yen and euro down against US dollar →

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