Following the successful launch in California, just a few months ago, the US subsidiary of the OKCoin cryptocurrency exchange is adding five new coins to its listings. These coins include Ripple (XRP), Cardan (ADA), Lumen Lumen (XLM), Zcash (ZEC) and 0x (ZRX).
OKCoin made the announcement today, September 19, 2018. The new coins will be paired with the US dollar, bitcoin and ether, the native cryptocurrency of the Ethereum platform. Trading against fiat pairs will only be available to California residents, while crypto-cryptographic pairs will be available in California along with 20 other states in the United States
"We are very pleased to welcome these five new cryptocurrencies and all the other communities that trade them, "said Tim Byun, CEO of OKCoin USA, in a statement. He added that OKCoin is committed to introducing only tokens "that offer demonstrable utilities, value, and use cases."
The moves come at a time when the exchange is growing aggressively in the United States. OKCoin originally created store in Mountain View in November 2017. In June 2018, the company moved to San Francisco and the following month officially announced its presence in the United States when it began to offer exchanges between the dollar USA and several important cryptocurrencies. Only a week ago, after obtaining the green light from the United States and the state regulators, OKCoin opened the crypto-cryptographic trade in many other states.
The exchange itself has a long history. One of the oldest cryptographic exchanges, OKCoin was originally launched in China in 2013. At the time, China was considered the world's bitcoin trading hub, and OKCoin became one of the three biggest exchanges in the country , together with Huobi and BTCC.
OKCoin originally focused on bitcoin to yuan transactions. To attract a crowd of more professional traders the following year, the company launched OKEx, which offered hundreds of token-to-token trading pairs. The installation is similar to how Coinbase, a popular cryptocurrency exchange in the United States, operates Coinbase Pro (formerly GDAX).
The Chinese cryptocurrency business was successful when the Chinese central bank started to regulate bitcoins from December 2013. In September 2017, the People's Bank of China lowered the final curtain when it issued a ban on full-scale encryption in the country. Over the past 18 months, OKCoin has also been deeply affected when regulations prevented it from serving in nine other countries.
Today, OKEx is listed on CoinMarketCap as the second largest trading volume exchange, but the appearance can be misleading. Critics argue that the exchange is a virtual "ghost town" and 93% of the trade volume is false. In an attempt to regain some of its former glory, OKCoin International relaunched in April 2018, with an eye on the United States
Due to regulatory uncertainty in the United States, it may come across some old and familiar roadblocks. If the US Securities and Exchange Commission (SEC) states that Ripple, Ada and other popular currencies are securities and subject to the same regulatory oversight of the shares, OKCoin will either severely restrict its offers or register with the SEC as a broker-dealer or move to become an alternative licensed trading system (ATS), a bit like the one that is betting on Coinbase and what Circle is doing with Poloniex.