OKX Wallet Launches in California With Fresh Compliance Strategy

OKX, which is a global cryptocurrency exchange, is going to make a comeback in the US. This is just after the two months of settling the lawsuit with the Department of Justice (DOJ). The organisation is ready to start again, this time they would emphasise on abiding by the rules.

A Fresh Start in California

OKX has announced that it will launch a new U.S. headquarters in San Jose, California. Along with that, it plans to roll out both a centralized crypto exchange and a digital currency wallet for U.S. users. The action represents a big comeback since the company agreed to shell out a $500 million fine for previously conducting business in the U.S. without proper licenses.

To spearhead its operations in the U.S., the exchange has named Roshan Robert CEO of its American unit. Robert is an experienced crypto and finance professional. Prior to joining to the exchange, Robert worked at Hidden Road, a reputable crypto brokerage company that has recently been acquired by Ripple for $1.25 billion.

A Step-by-Step Launch.

It is not jumping in headfirst. It will introduce its services gradually, beginning in some chosen states before going nationwide by the end of the year. The company says it's fully committed to staying compliant with all local laws and regulations.

Hong Fang, President of OKX Global, said the new team of the United States, will help build trust with regulators and customers alike. "We’re focused on responsible innovation and bringing in the right talent,” she added.

What Will U.S. Users Get?

The exchange aims to provide a simple yet strong platform to United States users. They are committing low trading fees, deep liquidity, and robust security for the trading of digital currency. One of the major highlights is the custody wallet, it will support about 130 different blockchains. This wallet will allow customers to try Web3 applications, such as DeFi and NFTs , without ever losing control of their own money.

It is also hiring outside auditors to audit its proof-of-reserves each month. This indicates that OKX cares about being open and accountable.

Why Now?

The crypto world in the United States is slowly changing. After a period of heavy legal action against crypto companies like Binance, regulators are now showing signs of easing up. They seems to believe this is the right time to come back and do things the right way.

Robert, the new U.S. CEO, said: “With clearer crypto rules in America, we’re excited to offer safe and legal digital asset services.”

Still Facing Global Challenges

Even as it re-enters the U.S., OKX still has some legal issues abroad. It faces a $1.2 million fine in Malta and is dealing with other regulatory matters in the EU and Thailand.

Still, the United States move is a big step. If done right, it could help OKX rebuild its image and grow its user base in one of the world’s biggest crypto markets.