OKX exchange expands crypto operations to Argentina

OKX cryptocurrency exchange is expanding across Argentina.

Argentines will now have access to OKX’s crypto exchange where they can trade digital assets including non-fungible tokens (NFTs).

According to a blog post, the OKX team expressed excitement over the official launch of their crypto exchange and Web3 wallet in one of Latin America’s crypto-friendly markets.

The move comes on the heels of OKX’s investigation into a sharp 50% decline in the value of its native token, OKB. The unexpected plunge saw OKB’s value drop to $25.1, prompting OKX CEO Star Xu to address the matter.

The team emphasized their user-centric approach aimed at accelerating adoption by prioritizing local needs.

With a user base exceeding 50 million globally, OKX offers access to crypto exchange services and Web3 technology for both retail and institutional participants.

OKX President Hong Fang highlighted the growing potential of crypto and blockchain in Latin America, underscoring Argentina’s significance as a pivotal launch pad for their regional growth strategy.

Alejandro Estrin, OKX Argentina’s country manager, emphasized the importance of robust security measures and transparency in building trust, which he sees as crucial for mainstream adoption. 

He highlighted OKX’s commitment to providing verifiable proof of reserves, top-tier custody solutions, and rigorous compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.

Estrin further mentioned the development of an intuitive trading platform tailored to the needs of the Argentine market, offering a wide range of popular crypto assets with deep liquidity. By offering compliant, secure, and user-friendly solutions, OKX aims to foster responsible crypto innovation among retail and institutional participants in Argentina.

As per the statement, OKX maintains transparency by being one of the first global exchanges to publish monthly proof-of-reserves, verified through zero-knowledge (ZK) proof cryptography.

OKX scrutinized 

Following recent reports, OKX is facing scrutiny amidst allegations of accepting fake IDs for its know-your-customer (KYC) verification process.

An investigation uncovered the existence of a web service called “OnlyFake,” which reportedly utilizes advanced artificial intelligence (AI) technology to generate highly authentic fake IDs from 26 countries.

These fake IDs, priced at $15 each, allegedly passed KYC checks on various cryptocurrency exchanges, including OKX, Kraken, Bybit, Bitget, and Huobi, as well as the online payment platform PayPal Holdings Inc.

On Feb. 5, 404 Media reported a successful endeavor to circumvent the KYC verification process of OKX by submitting a British passport photo generated by OnlyFake.

South Korea’s Financial Intelligence Unit (FIU) reportedly initiated an investigation into OKX, a global cryptocurrency exchange, following allegations of providing unregistered services to South Korean investors.

The probe was prompted by accusations that OKX marketed its services, including its “Jumpstart” token sales platform, to South Korean users without proper registration and compliance with local regulations.

The Digital Asset Exchange Association (DAXA), representing leading South Korean crypto exchanges, alerted the FIU to OKX’s activities, leading to the investigation.

South Korea maintains regulations requiring crypto exchanges to register before offering services to local investors, with non-compliance potentially leading to penalties from financial regulators. The primary concern of South Korean authorities revolves around whether foreign crypto platforms target local investors by facilitating trading in Korean won or providing services in the Korean language.

The probe into OKX’s purportedly unregistered operations underscores the regulators’ commitment to enforcing regulatory compliance within the cryptocurrency industry.

While OKX has not explicitly offered services to South Korean investors, the investigation stems from allegations of promoting its services to the local market. The ongoing investigation will determine OKX’s compliance with South Korean regulations, with the FIU’s findings guiding any necessary actions.

The trading volume of OKB is $6,298,106 in the last 24 hours, representing a 7% increase from one day ago and signaling a recent rise in market activity.