A recent news release indicates an OKCoin Latin America expansion with the first business opening in Argentina. As per the release, the cryptocurrency firm will begin offering fiat-to-crypto trading services to traders in Argentina.
OKCoin is among the largest cryptocurrency exchanges in the world operating under regulatory oversight. Interestingly, the exchange prides itself as the foremost champion for the elimination of trade barriers in the crypto sector. Further, the firm enjoys a license for Money Services Businesses (MSB) from the Financial Crimes Enforcement Network (FinCEN).
OKCoin’s Latin America Expansion Part of Their Global Agenda
In particular, the foray into Argentina seeks to fulfill two purposes, at the minimum. First, the desire is to take advantage of the booming cryptocurrency demand due to the ongoing economic crisis. As per Reuters, the country’s currency is in a tailspin, a situation that is driving more Argentinians to other alternatives.
Secondly, OKCoin aims to use Argentina as the launching pad into the greater Latin America market. Tim Byun, CEO at OKCoin USA, agrees that opening up new markets is part of their global agenda.
“OKCoin is committed to opening up new markets for digital currency consumers throughout the world, and we are very excited to bring our safe, secure and licensed trading platform to consumers in Argentina,” Byun said in comments accompanying the press release.
Specifically, the exchange will enable traders in Argentina to trade the peso (ARS) with given cryptocurrencies.
Initially, traders will only access Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), XRP, Cardano (ADA), Stellar (XLM), Zcash (ZEC) and 0x (ZRX). The news release notes that other offerings will follow in the coming months.
Exciting Development at OKCoin
Interestingly, the OKCoin Latin America expansion quest comes just a few hours before the C20 Conference. According to the organizers, this is the most important cryptocurrency conference in the Spanish world.
Particularly, the highlights of the gathering will include a conference, trade show, and an expo. In essence, the event brings together industry experts and other stakeholders “who are building the blockchain ecosystem.”
The Argentina venture is a welcome episode in the exchange’s business considering its woes in China. According to reports, OKCoin had its Beijing office vandalized late last month on suspicions of fraud.
Interestingly, a group of unidentified people executed the mess. As per the exchange, the group threatened OKCoin’s staff. However, the company alerted police who carted the vandals away.
Further reports indicate that investors and media are chasing after Xu Mingxing, founder of OKCoin. They suspect Mingxing committed fraud and irregular account management.
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