OKCoin has launched a fiat-to-crypto exchange in the United States called OKCoin USA Inc and is headquartered in Mountain View, California. OKCoin USA is registered as a money service business (MSB) with the Financial Crimes Enforcement Network (FinCEN).
The registration with FinCEN dates back to November 2017, indicating OKCoin USA has been in the works for a while now. The launching of OKCoin USA comes on the heels of Huobi launching HBUS, a crypto-to-crypto exchange based in the United States.
The OKCoin USA headquarters is in the San Francisco Bay area, practically next door to Coinbase’s headquarters. OKCoin will be providing strong competition for Coinbase, which has been one of the largest US cryptocurrency exchanges for years and hasn’t had to deal with any major competitors until now. While US cryptocurrency traders have been using fiat-to-crypto exchanges overseas like Bitfinex, there weren’t any other major exchanges like that based in the US itself besides Coinbase.
Huobi and OKEx are the two biggest crypto exchanges in the world behind Binance, with daily volumes on the order of USD 500 million to USD 1 billion per day. OKEx was founded by Star Xu, the same man who founded OKCoin in 2013. The entrance of top crypto exchanges is expected to cause a big shakeup in the US crypto trading market.
This will likely be very positive for traders based in the US, since Coinbase, OKCoin USA, and HBUS will be competing with each other and will have to increase the level of their services to stay on top. Coinbase has had a reputation for maintaining somewhat of a monopoly and a nonchalant attitude towards crypto traders. Aside from that, traders will have increased daily deposit and withdrawal capabilities since they can aggregate their limits from the different exchanges now available.
One major limitation of OKCoin USA at this time is that it’s only available to residents of California, but on its website it says other states will be added soon.
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