OKCoin To List Five New Cryptocurrencies as Part of its Expansion Effort
Cryptocurrency exchange OKCoin has announced plans to expand its cryptocurrency offering by listing five new coins. The new listing will expand their range of coins to allow users to buy and sell Ripple (XRP) Cardano (ADA), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). This is seen as another part of their expansion effort further to their announcement of introducing token-to-token trading in 20 new states in the US.
OKCoin has stated trading pairs for these coins will initially begin with Bitcoin, Ethereum and USD in California allowing users to cash out crypto. Token-to-token trading will be made available to the 20 new states initially with plans to expand into the fiat market.
The CEO of OKCoin Tim Byun elaborated that ‘for the cryptocurrency market to reach its full potential, exchanges will have to work with existing and new regulators for convertible virtual currency, digital goods and/or securities’. This shows OKCoin commitment to working with US regulatory framework to develop a compliant service. OKCoin is trying to reduce the barriers by expanding and offering services more widely available to allow users to sell crypto.
OKCoin further plans to apply for a money transmittal license (MTL) for the token-to-token and fiat-to-token trading. Receiving this license will allow the exchange to offer its services to more states that require it for selling crypto. Choosing to sell Ripple or Cardano may cause some uncertainty as the US Security Exchange Commission (SEC) has still not decided the classification of these coins. If they are classified as a security, they will become subject to further regulations.
OKCoin was founded in 2013 and has shown a continued commitment to providing traders and institutions with a platform offering industry expertise and support. Their highest priority is to reduce barriers and improve efficiency whilst complying with all relevant regulations.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards