OKCoin Not so OK with US Users

Bitcoin companies are lining up to enter the Canadian market, but the same can’t be said for its neighboring North American country. United States, or at least parts of it aren’t doing so great in the bitcoin sector lately. Thanks to a couple of factors, including the regulatory issues.

New York State can be taken as the best example to show how certain things are not done when it comes to bitcoin and digital currencies. New York State has already lost a lot of great cryptocurrency startups due to the regulatory and compliance requirements put forth by BitLicense. Some of the startups including ShapeShift, Eobot, Bitfinex and even Kraken have already shifted their operations from New York as they found it to be a better option than complying with BitLicense which requires the companies to spend a lot of time and resources to collect user information.

But the problems doesn’t seem to be restricted to one particular state in the United States. Recently OKCoin, a leading China based bitcoin exchange announced that it is stopping its service for US customers. Upon further enquiry regarding its decision to stop accepting bitcoin deposits from US customers, the company attributed its decision to increasing regulatory pressure. Jack Liu, the head of international operations at OKCoin has stated that these restrictions are currently applicable to the users who have listed themselves as US Citizens, he however, declined to go into the specifics of regulatory roadblocks influencing the company’s decision.

OKCoin has called this restriction to be of temporary nature and it will soon be lifted once the situation on the ground becomes clear. The move on OKCoin is termed as a voluntary decision taken by the company to prevent further hassles.

Currently, US users attempting to use OKCoin bitcoin exchange are met with a message saying “Due to regulation, we don’t accept the charge from the US”.

READ MORE: DDoS Attack on OKCoin, Company Defends Itself

Gautham

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I see, I think and I do… passionate about digital currency, start-ups and social good. I believe that if you mix them right, you can change the world. Find me @gautham_n on twitter or /gautham,nm on facebook

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