OKX Expands Crypto Services in Argentina

The OKX cryptocurrency platform is broadening its reach into Argentina, offering locals the opportunity to engage in the trading of digital currencies, including non-fungible tokens (NFTs). A blog post revealed the company’s enthusiasm about introducing their cryptocurrency exchange and Web3 wallet in Argentina, recognized for its openness to crypto advancements.

This development follows an in-depth review by OKX into a significant 50% drop in their native token, OKB’s, value, which decreased to $25.1. This led to a response from OKX’s CEO, Star Xu, concerning the dramatic fall in value.

OKX is dedicated to a customer-first strategy, aiming to boost adoption by addressing specific local requirements. With over 50 million users worldwide, OKX provides crypto exchange services and Web3 technology to both individual and institutional users.

Hong Fang, the President of OKX, noted the growing influence of crypto and blockchain technology in Latin America, highlighting Argentina as a crucial starting point for the company’s regional expansion efforts.

Alejandro Estrin, the country manager for OKX Argentina, stressed the necessity of strong security measures and transparency for gaining widespread acceptance. He outlined OKX’s pledge to offer proof of reserves, high-quality custody solutions, and strict adherence to anti-money laundering (AML) and know-your-customer (KYC) standards.

Estrin also discussed creating a user-friendly trading platform designed for the Argentine market, featuring a broad selection of sought-after cryptocurrencies with substantial liquidity. By providing compliant, secure, and accessible services, OKX strives to encourage responsible crypto innovation among Argentine retail and institutional investors.

OKX is committed to maintaining transparency, being among the first international exchanges to issue monthly proof-of-reserves, authenticated using zero-knowledge (ZK) proof cryptography.

Recent investigations have brought OKX under scrutiny for allegedly accepting counterfeit IDs in its KYC verification process. A report unveiled a service named “OnlyFake,” claiming to use sophisticated AI to create highly realistic fake IDs from 26 countries, which were purportedly used to pass KYC checks on several crypto exchanges, including OKX, and on PayPal Holdings Inc.

Furthermore, South Korea’s Financial Intelligence Unit (FIU) has launched an inquiry into OKX for supposedly offering unregistered services to South Korean investors. This investigation was triggered by concerns that OKX promoted its services, such as the “Jumpstart” token sales platform, to South Korean users without adhering to local regulatory requirements.

The probe highlights the regulatory focus on ensuring compliance within the crypto sector. Despite OKX not directly targeting South Korean investors, the ongoing investigation will ascertain the company’s adherence to South Korean regulations.

The trading volume of OKB has seen a 7% increase in the last 24 hours, indicating a resurgence in market activity.

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