OKCoin has added the SEPA payment gateway enabling its customers, in the European Union to transfer money between their respective banks and the cryptocurrency exchange. This new development comes with 6 months of zero transfer charges for users with European bank accounts.
OKCoin Announces The Addition of SEPA Euro Payment Channel
OKCoin made the news public Wednesday morning when it updated its official Twitter account. The development will allow OKCoin customers to deposit and withdraw funds via the new SEPA Euro payment channel more quickly and inexpensively.
According to the official announcement, OKCoin customers that have European bank accounts can withdraw and deposit Euros absolutely free for the first six months till the 22nd of April, 2020. However, the announcement stipulated that customers with bank accounts registered outside of the EU will be subject to non-SEPA fees. For such transfers, a fee of 10 Euros will be charged. For SEPA-authorised transactions, the fee will be 0.15 Euros. In withdrawals, the minimum amount is 10 Euros and a fee of 18 euros will be charged for non-SEPA Euro transactions.
What Is SEPA?
The Single Euro Payments Area (SEPA) is a payment system in the European Union that simplifies the transfer of Euros between European banks. The initiative, which as of 2019 consists of 34 members, contributes towards developing a cashless society policy in the European region.
The SEPA payment gateway is open to both individual and corporate customers. Special considerations of limits and lower fees through the new SEPA payment channel also exist for corporate customers although upper limits on withdrawals and deposits are subject to KYC requirements.
Trading Services in 3 US States
OKCoin also recently announced that it was launching fiat-to-token and token-to-token in 3 US States – Connecticut, Oregon, and Rhode Island. In September, OKCoin has extended support for fiat-to-token and token-to-token trading in seven new US states – Arkansas, Iowa, Kentucky, Mississippi, Pennsylvania, Utah, and Wisconsin.