Seychelles-based cryptocurrency change OKX introduced that it’s reentering the US market.
According to an April 16 weblog submit, OKX will return to the US market together with the appointment of former Barclays director Roshan Robert as its US CEO. Robert stated within the submit:
“In the present day, I’m thrilled to announce the launch of OKX’s centralized crypto change and OKX Pockets in the US, alongside the institution of our regional headquarters in San Jose, California.“
All present Okcoin customers will likely be migrated to the brand new platform, which Robert stated will result in a greater total expertise. The promised enhancements embrace deeper liquidity, decrease charges and superior buying and selling instruments.
Supply: OKX
Associated: Standard Chartered and OKX pilot crypto, tokenized fund collaterals
Step-by-step
OKX is not going to roll out the improve in a single shot. As a substitute, the brand new platform will take a phased method to onboard new prospects. The change plans to comply with the cautious method with a nationwide launch later in 2025.
“We’re starting with a phased rollout for brand spanking new prospects to make sure a easy and safe onboarding course of, with a broader nationwide launch deliberate later this yr,“ Robert stated.
OKX additionally promised integrations with native banks and assist for main belongings, together with Bitcoin (BTC), Ether (ETH), USDt (USDT) and USDC (USDC). Robert famous that the corporate maintains a worldwide proof of reserves for all its belongings, which is published month-to-month by cybersecurity agency Hacken.
Hacken had not responded to Cointelegraph’s request for remark by publication time.
Along with its buying and selling platform, the agency can also be rolling out OKX Pockets to its US-based prospects. The pockets helps 130 blockchains and includes a decentralized exchange (DEX) aggregator, permitting entry to over 10 million tokens on platforms together with Ethereum, Solana and Base.
Associated: Malta regulator fines OKX crypto exchange $1.2M for past AML breaches
OKX will get out of US troubles
The report follows OKX hiring former New York Governor Andrew Cuomo to advise it over a federal probe that resulted within the agency pleading guilty to several violations and agreeing to pay $505 million in fines and penalties.
The change admitted on Feb. 24 to working an unlicensed money-transmitting enterprise in violation of US Anti-Cash Laundering legal guidelines. As a consequence, OKX agreed to pay $84 million price of penalties whereas forfeiting $421 million price of charges earned from primarily institutional clients.
After the investigation concluded, OKX stated it could hunt down a compliance guide to treatment the issues revealed by the federal probe and enhance its compliance efforts. OKX’s CEO Star Xu wrote in a Feb. 24 X submit:
“Our imaginative and prescient is to make OKX the gold normal of world compliance at scale throughout totally different markets and their respective regulatory our bodies.”
OKX had not responded to Cointelegraph’s request for remark by publication time
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