OKCoin To List Five New Cryptocurrencies as Part of its Expansion Effort
Cryptocurrency exchange OKCoin has announced plans to expand its cryptocurrency offering by listing five new coins. The new listing will expand their range of coins to allow users to buy and sell Ripple (XRP) Cardano (ADA), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). This is seen as another part of their expansion effort further to their announcement of introducing token-to-token trading in 20 new states in the US.
OKCoin has stated trading pairs for these coins will initially begin with Bitcoin, Ethereum and USD in California allowing users to cash out crypto. Token-to-token trading will be made available to the 20 new states initially with plans to expand into the fiat market.
The CEO of OKCoin Tim Byun elaborated that ‘for the cryptocurrency market to reach its full potential, exchanges will have to work with existing and new regulators for convertible virtual currency, digital goods and/or securities’. This shows OKCoin commitment to working with US regulatory framework to develop a compliant service. OKCoin is trying to reduce the barriers by expanding and offering services more widely available to allow users to sell crypto.
OKCoin further plans to apply for a money transmittal license (MTL) for the token-to-token and fiat-to-token trading. Receiving this license will allow the exchange to offer its services to more states that require it for selling crypto. Choosing to sell Ripple or Cardano may cause some uncertainty as the US Security Exchange Commission (SEC) has still not decided the classification of these coins. If they are classified as a security, they will become subject to further regulations.
OKCoin was founded in 2013 and has shown a continued commitment to providing traders and institutions with a platform offering industry expertise and support. Their highest priority is to reduce barriers and improve efficiency whilst complying with all relevant regulations.
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