OKX Expands To The US With New Cryptocurrency Exchange And Wallet
Highlights
- OKX has announced an expansion into the US after a previous run in with regulators.
- The exchange is eyeing a phased approach but will set up a headquarters in California.
- A new government stance is fuelling a mass migration of crypto service providers to the US.
Barely two months after paying a steep fine to the Department of Justice (DOJ), OKX is ready to begin fresh operations in the US. This time, the Seychelles-based cryptocurrency exchange is willing to operate by the book and will launch a headquarters in California.
OKX Set To Launch Operations In The US
Cryptocurrency exchange OKX has announced plans to re-enter the US with a suite of offerings tailor-made for the American market. According to a press release, OKX will offer users its centralized cryptocurrency exchange and wallet services as part of a rebranding strategy.
Per the press release, OKX is keen on regulatory compliance and will proceed with a phased rollout for its offerings. The cryptocurrency exchange will launch in select US states before a nationwide rollout before the end of the year.
The move comes after its $500 million settlement with the DOJ for operating in the US without a money-transmitting license. To ensure a seamless re-entry into the US, OKX is playing by the rules and setting up shop in California.
Apart from launching a US headquarters in California, OKX has tapped Roshan Robert as OKX US CEO to lead operations. Robert’s deep experience saw him occupy an executive position at Hidden Road, a crypto prime broker purchased by Ripple for $1.25 billion.
“With Roshan leading our US operations and our new San Jose headquarters, we’re reinforcing OKX’s commitment to regulatory excellence, responsible innovation, and talent recruitment,” said OKX Global President Hong Fang.
Improved Offerings For US Consumers
OKX says its new US launch will provide users with an advanced trading platform, deep liquidity, and low fees. Furthermore, a new self-custody wallet with support for over 130 blockchains and myriad Web 3 utilities pushes the frontiers.
With a finger on the pulse for regulatory compliance, the exchange tapped Web 3 security firm Hacken for monthly verification for its proof of reserves. OKX faces a $1.2 million fine in Malta as it fights regulatory battles in the EU and Thailand.
A changing regulatory landscape in the US contributes to OKX’s reentry into the US. The SEC has paused legal proceedings with Binance after shuttering its other high-profile enforcement actions against crypto service providers.
“With the US advancing crypto regulatory clarity, we see tremendous opportunities to build trust and deliver secure, compliant digital asset solutions,” said Robert.
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