OKX relaunches in the United States
Global crypto exchange platform OKX has announced that it has relaunched its exchange services and Web3 wallet within the U.S. market.
In a press release published on April 15, the company said that customers can now access the platform in the United States, “with existing customers migrating seamlessly and new customers gradually gaining access ahead of a full nationwide launch.”
Onboarding OKCoin users
In terms of existing customers, the company is referring to users of OKCoin, the former name of OKX, who will now be onboarded onto the newly launched OKX exchange service.
The Seychelles-based company, which was originally founded and operated in China, has established its U.S. headquarters in San Jose, California. The company has appointed Roshan Robert, formerly an executive at Morgan Stanley and Barclays, as its U.S. CEO.
Commenting on the U.S. market relaunch, Robert stated:
"With the US advancing crypto regulatory clarity, we see tremendous opportunities to build trust and deliver secure, compliant digital asset solutions.”
Inflection point
In a blog post published to the firm’s website, Robert said that he had been watching the development of the industry since its earliest days, but that he thinks that the crypto sector has now reached “a critical inflection point.” He added that more so than ever before, the crypto sector is currently interacting more directly with traditional finance and capital markets.
Referring directly to what platform users can expect from the relaunched service in the U.S., the OKX U.S. CEO said that the firm plans on rolling out new features throughout the year as part of its vision to build a crypto super app.
Rollout of the platform’s services in the U.S. will be carried out on a phased basis. The firm also intends to offer integrations with local banks, together with full support for major assets such as Bitcoin, Ethereum, USDC and USDT.
The OKX Wallet will be made available to U.S. users, supporting a range of digital assets across 130 blockchain networks. The wallet will enable users to access a number of Web3 dApps, facilitate the movement of digital assets between blockchain networks and include a number of tools to assist platform users with their trading activities.
Entering a ‘new era’
It’s likely that a change towards a more positive outlook where the crypto sector is concerned at government and regulatory levels in the U.S., together with a settlement reached with the U.S. Department of Justice (DOJ), has influenced OKX in relaunching its service stateside.
The DOJ had opened an investigation into the company on the basis of allegations that it was operating a money-transmitting business on an unlicensed basis. In its settlement, the company paid fines and penalties totaling $500 million. With that settlement behind it and a more enlightened climate for digital assets having emerged in the U.S., OKX described the service relaunch as “a new era for OKX in the U.S.”
Yves La Rose, CEO of Web3 banking project, the Vaulta Foundation, said that OKX’s U.S. expansion is a signal, indicating that “a new era of compliant, wallet-led Web3 innovation is underway.”
Diana Pires, an executive at crypto payments firm Beam, expressed a similar take, stating on X that OKX was relaunching “because the world’s largest economy is finally ready for crypto,” adding that “the floodgates are now open for international crypto companies.”
