OKX Exchange Broadens Cryptocurrency Services in Argentina

OKX, a cryptocurrency exchange, is broadening its reach into Argentina.

With OKX’s expansion, Argentine users gain access to a platform for trading a variety of digital assets, including NFTs.

The OKX team has announced the official unveiling of its crypto exchange and innovative Web3 wallet in Argentina, a country known for its openness to cryptocurrencies, via an announcement on their blog.

This expansion follows an internal investigation by OKX into a sudden 50% drop in the value of its native currency, OKB, which plunged to $25.1 in value, leading to concern from OKX CEO Star Xu, who issued a public statement on the matter.

The OKX exchange is focused on user needs and is taking steps to encourage broader adoption in the region through its services.

With over 50 million users worldwide, OKX not only provides crypto exchange services but also facilitates access to Web3 technologies for diverse market players.

Hong Fang, the President of OKX, remarked on the expansive potential of cryptocurrency and blockchain in Latin America, singling out Argentina as a crucial entry point for their regional expansion plans.

Alejandro Estrin, who manages OKX in Argentina, pointed to the essential role of security and clarity in garnering the public’s trust and achieving widespread acceptance.

Estrin also emphasized OKX’s dedication to providing users with access to verifiable reserve audits, high-grade custody solutions, and strict adherence to AML and KYC regulations, which are listed on their website.

He further discussed OKX’s efforts in designing a user-friendly trading environment tailored for the Argentine clientele, offering popular cryptocurrencies with robust liquidity. OKX’s intention is to promote responsible crypto innovation across Argentina’s retail and institutional sectors by providing secure, compliant, and intuitive platforms.

In line with its commitment to transparency, OKX is among the first of the global exchanges to produce a monthly proof-of-reserves report, which is verified by zero-knowledge proof methods, as announced in their official statement.

OKX in the spotlight

Recent examinations have cast a critical eye on OKX for purportedly approving fake IDs within their KYC verification process.

An exposé has unearthed the practice of a website named “OnlyFake,” accused of employing sophisticated AI to create believable counterfeit IDs from 26 countries.

These artificial IDs, offered at $15 apiece, are alleged to have cleared verification checks across several crypto exchanges, including OKX, and even on financial platforms like PayPal Holdings Inc.

On Feb. 5, 404 Media published findings demonstrating how an OnlyFake-generated British passport evaded the KYC protocol on OKX.

The South Korean Financial Intelligence Unit is reportedly subjecting OKX to an investigative procedure based on suspicions of catering to South Korean residents via unregulated offerings.

Their investigative efforts were sparked by claims that OKX was promoting its “Jumpstart” token sales platform, among other services, to the South Korean populace without adhering to local registration criteria or compliance mandates.

The DAXA, which stands for South Korea’s principal crypto exchanges, prompted the FIU to delve into OKX’s dealings by flagging its activities.

Pre-existing regulations in South Korea necessitate that crypto exchanges be registered prior to serving local clientele, and failure to comply can lead to punitive measures. A focal point of the FIU probe is whether foreign crypto services specifically target Koreans by offering trades in their native currency or engaging them in Korean language services.

This probe serves to underscore the determination of regulators to enforce compliance within the digital asset sphere.

While services directly catered to Korean investors have not been conclusively offered by OKX, the investigation is rooted in claims that OKX was nonetheless trying to attract the Korean market. The outcome of the FIU’s inquiry will determine the next course of action regarding OKX’s alignment with South Korean regulations.

With a 24-hour trading volume of $6,298,106, the OKB token has witnessed a 7% hike since yesterday, signaling a revival in market interest.

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