One of the world’s top global cryptocurrency exchanges, OKX, has officially opened its services in Argentina. By this, OKX aims to cover a growing portion of interest in the demand for crypto services in one of the most bubbling markets of Latin America. Easing operations for Argentine users at OKX will be a goal that will seek to support the Spanish language and popular local payment methods through its peer-to-peer platform.
The exchange is known for reliability which has deep liquidity for all kinds of assets, cryptos for trading, and staining features. Apart from the exchange, OKX is opening up its non-custodial Web3 Wallet, which is a secure platform for the convenience of handling Decentralized Finance (DeFi) activities, trading in NFTs, and diversified Decentralized Applications (dApps).
Hong Fang, President of OKX, expressed delight at expanding their services into Argentina, said:
We’re pleased to officially launch our latest expansion of our world-class crypto exchange and Web3 wallet in one of Latin America’s most vibrant crypto markets. As pioneers at the nexus of technology and finance, our user-centric approach aims to accelerate adoption by meeting local needs first.
Additionally, Alejandro Estrin, OKX Argentina’s Country Manager, highlighted that the role of trust is key for the platform to become mainstream. This will be generated through a base built on transparency, security, and compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations, with users.
OKX Faces Probe In South Korea
Despite the global success, it comes under South Korean scrutiny on suspicion of rule violation. The Digital Asset Exchange Association (DAXA) reported the exchange to the local authorities for trading without appropriate registration. Notably, it came to light that the exchange had marketed its Jumpstart program to local cryptocurrency users through the use of Telegram influencers.
Although OKX has explicitly denied the provision of services to South Korean investors, the association has said that the promotional activities of the exchange were more toward Korean users, which could be against the regulations. DAXA has forwarded the case to the Financial Intelligence Unit (FIU) to investigate further.
In regard to the accusations, OKX highlights the observance of compliance and doesn’t even render support in the Korean language for its activity on the website, hence revealing the absence of willingness to operate in-country. However, the means of the advertisement that addresses the Korean user still leaves concern.
However, the result of the FIU’s investigation would determine whether OKX had violated regulations regarding the operation of undeclared virtual asset businesses in South Korea. However, regulation holds an important role for exchanges that want to enter into the new markets, holding trust and integrity.
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