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 United States market together with the appointment of former Barclays director Roshan Robert as its US CEO. Robert mentioned within the submit:
“Today, I’m thrilled to announce the launch of OKX’s centralized crypto change and OKX Wallet within the United States, alongside the institution of our regional headquarters in San Jose, California.“
All present Okcoin customers might be migrated to the brand new platform, which Robert mentioned will result in a greater general expertise. The promised enhancements embody deeper liquidity, decrease charges and superior buying and selling instruments.
Source: OKX
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Step by step
OKX is not going to roll out the improve in a single shot. Instead, 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 new prospects to make sure a easy and safe onboarding course of, with a broader nationwide launch deliberate later this 12 months,“ Robert mentioned.
OKX additionally promised integrations with native banks and help for main property, together with Bitcoin (BTC), Ether (ETH), USDt (USDT) and USDC (USDC). Robert famous that the corporate maintains a world proof of reserves for all its property, which is published month-to-month by cybersecurity agency Hacken.
Hacken had not responded to Cointelegraph’s request for remark by publication time.
In addition to its buying and selling platform, the agency can be rolling out OKX Wallet to its US-based prospects. The pockets helps 130 blockchains and contains a decentralized exchange (DEX) aggregator, permitting entry to over 10 million tokens on platforms together with Ethereum, Solana and Base.
Related: 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-Money 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 mentioned it might search out 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 customary of world compliance at scale throughout completely 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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