Is OKCoin about to expand into the Philippines?

22 Nov, 2018
by David Robb
News
Is OKCoin about to expand into the Philippines?

OKCoin's expansion looks to be continuing even further. According to Coingape, a document recently leaked on Weibo suggests that the platform now has regulatory approval to set up a branch in the Philippines.

According to the document, an entity called OKCOIN Philippines Technology Company Limited has been granted a "Financial Technology Solutions and Virtual Currency Exchange Provisional Principle License". This will provisionally allow the company to launch and operate an offshore virtual currency exchange, and will need to be renewed annually.

It's unclear if this is an official account, but the Weibo post also claims that "the cryptocurrency trading around the Philippine market will become more competitive. OKCoin intervened in the Philippine market at this time window and became the first cryptocurrency trading platform to respond to local legal policies and conduct business under the government regulatory framework. In the future, OKCoin will continue to expand its business in compliance with the global market for more."

This expansion follows an official announcement last week that OKCoin will be setting up new branches in Latin America. The exchange now has an office in Buenos Aires, and users can trade the Argentine peso against a number of cryptocurrencies.

Read more: OKCoin crypto exchange expands its business into Latin AmericaPhilippines, Korea and Thailand plan to create friendly crypto environment

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