OKCoin Exchange Widens Its Services To Four More States In The US
By Jamie Green – Cryptocurrency Investor
OKCoin, which operates the OKEx cryptocurrency exchange, one of the largest exchanges by daily trading volumes by CoinMarketCap, has announced plans to expand their trading operations to four new states in the US in additional to the 20 states already able to buy and sell cryptocurrency through the platform.
The new states include Alabama, Georgia, Missouri and Montana helping the exchange reach a wider audience in the states. The expansion follows OKCoin enhancing its regulatory status after it filed for a Money Transmittal Licence (MTL) allowing them to offer both crypto-to-crypto and fiat-to-crypto trading pairs.
The new service is said to be compliant with both Federal and State laws which could suggest further expansion to more states offering services for buying and selling Bitcoin. Becoming a compliant exchange in the US is a strong move for OKCoins development permitting services to cash out crypto for the largest financial market in the world.
The exchange already accepts deposits and withdrawals in US Dollars that can be traded against Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH) and Ethereum Classic (ETC) with the hopes of adding more support for other cryptos. Users may be able to use the platform to sell XRP for fiat in the future
OKCoin begun its operations in China before the authorities targeted and suppressed the digital asset industry and subsequently banned ICOs. This caused the exchange along with three others to relocate their operations overseas to continue selling crypto. China is a nation that has strongly opposed cryptocurrencies themselves but have adopted much of the underlying blockchain technology.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards