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Home»BLOCKCHAIN NEWS»OKX Exchange expands cryptocurrency business to Argentina
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OKX Exchange expands cryptocurrency business to Argentina

By Crypto FlexsFebruary 11, 20244 Mins Read
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OKX Exchange expands cryptocurrency business to Argentina
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OKX cryptocurrency exchange is expanding throughout Argentina.

Argentines can now access OKX’s cryptocurrency exchange where they can trade digital assets, including non-fungible tokens (NFTs).

According to a blog post, the OKX team expressed excitement about the official launch of the cryptocurrency exchange and Web3 wallet in one of Latin America’s cryptocurrency-friendly markets.

The move follows an investigation by OKX into a 50% plunge in the value of its own token, OKB. The unexpected plunge brought OKB’s value down to $25.1, prompting OKX CEO Star Xu to address the issue.

The team emphasized a user-centric approach that aims to accelerate adoption by prioritizing local needs.

With a global user base of over 50 million, OKX provides access to cryptocurrency exchange services and Web3 technology to both retail and institutional participants.

OKX Chairman Hong Fang highlighted the growth potential of cryptocurrency and blockchain in Latin America and highlighted the importance of Argentina as a pivotal launch pad for the region’s growth strategy.

Alejandro Estrin, Country Manager for OKX Argentina, emphasized the importance of strong security measures and transparency in building trust, which he believes are critical for mainstream adoption.

He highlighted OKX’s commitment to verifiable proof of reserves, best-in-class custody solutions, and strict compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.

Estrin also mentioned the development of an intuitive trading platform tailored to the needs of the Argentine market, offering a wide range of popular cryptocurrency assets with ample liquidity. By providing compliant, secure and user-friendly solutions, OKX aims to foster responsible cryptocurrency innovation among retail and institutional participants in Argentina.

According to the statement, OKX maintains transparency by being one of the first global exchanges to publish monthly deposit proofs verified through zero-knowledge (ZK) proof cryptography.

OKX was examined closely.

As per recent reports, OKX is under investigation for allegedly accepting fake IDs for Know Your Customer (KYC) verification procedures.

The investigation revealed the existence of a web service called ‘OnlyFake’, which is known to utilize advanced artificial intelligence (AI) technology to generate highly authentic fake IDs in 26 countries.

These fake IDs, which cost $15 each, are known to have passed KYC checks at various cryptocurrency exchanges, including OKX, Kraken, Bybit, Bitget, and Huobi, as well as online payment platform PayPal Holdings Inc.

On February 5, 404 Media reported that efforts to circumvent OKX’s KYC verification process by submitting OnlyFake-generated UK passport photos were successful.

It has been reported that the Korea Financial Intelligence Unit (FIU) has launched an investigation into the global cryptocurrency exchange OKX following suspicions that it provided unregistered services to Korean investors.

The investigation was triggered by accusations that OKX sold services, including its “Jumpstart” token sale platform, to Korean users without proper registration and compliance with local regulations.

The Digital Asset Exchange Association (DAXA), which represents major domestic cryptocurrency exchanges, notified the FIU of OKX’s activities and began an investigation.

South Korea maintains regulations that require cryptocurrency exchanges to register before offering services to domestic investors, and failure to comply could potentially result in penalties from financial regulators. A key concern for Korean authorities is whether foreign cryptocurrency platforms are targeting domestic investors by facilitating transactions in Korean won or providing services in Korean.

The investigation into OKX’s unregistered operations highlights regulators’ commitment to enforcing regulatory compliance within the cryptocurrency industry.

Although OKX did not explicitly provide services to Korean investors, the investigation stemmed from allegations that it promoted its services to the local market. The ongoing investigation will determine OKX’s compliance with Korean regulations, and any necessary action will be determined based on the FIU’s findings.

Over the last 24 hours, OKB’s trading volume was $6,298,106, up 7% from a day ago and indicating a recent uptick in market activity.

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