Is The OKX Exchange Legally Available In The United States?
Mike Harry
Feb 2024
6 min read
Fact checked
Introduction: OKX is a major player in the global cryptocurrency scene but what's its availability status in the United States? This article dives into OKX's availability for U.S. users and examines its regulatory and licensing position in the country. Read on to discover if it's safe and legal to use OKX in the United States!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Is OKX available in the US?
OKX Exchange is a fast growing and prominent crypto exchange that was founded in 2017 by Star Xu and that has grown into over 20 million users.
As a multifaceted exchange, OKX offers a wide array of trading services, including spot for over 350 cryptocurrencies, margin, perps, futures, and options.
OKX Crypto Markets
Beyond trading, the platform provides a plethora of additional services such as trading bots, demo & copy trading, earn products, launchpad, web 3 wallet, and more.
With a user base of 20 million and an app that has seen over 1 million downloads, OKX's influence in the crypto world is undeniable.
However, despite its global reach, OKX is not available to use for American citizens at the time of writing.
The reason for this restriction is that the exchange is not regulated by either the SEC (Securities and Exchange Commission) or the CFTC (Commodity Futures Trading Commission) in the United States.
As such, the exchange is not taking any risk by serving US customers without the proper licenses and regulations in place.
Can you use OKX in the United States?
Unfortunately, for US-based residents and citizens, OKX is not available to use as US residents are restricted from signing up on the platform.
Additionally, IP restrictions are in place, preventing users from accessing the website from US-based IP addresses.
For Americans that would like to invest in digital assets using a safe and FinCEN regulated exchange, we recommend signing up to eToro or Uphold.
FinCEN regulated alternative
These are beginner-friendly platforms that allow US citizens to quickly and safely deposit funds to invest in cryptocurrencies.
Also, for readers that have an account with banks like Chase, Citibank, Capital Bank, Wise, Affirm, Chime and others, you can deposit and withdraw USD free of charge.
OKX KYC United States
Know Your Customer (KYC) is a standard verification procedure adopted by many financial platforms to the identity of the individual signing up.
OKX KYC United States
US residents will find themselves unable to complete the KYC process on OKX. Even if they employ VPNs to bypass IP restrictions, the KYC process will identify them as US residents, preventing further access.
Is OKX legal in the United States?
When it comes to its legal standing in the U.S., OKX finds itself in a gray area. The platform hasn't secured the necessary regulatory approvals, particularly from the SEC, making its operations in the U.S. non-compliant with existing regulations.
When will OKX be available in the US?
Currently, there's no official word from OKX about any imminent plans to venture into the U.S. market. Given the intricate regulatory landscape in the U.S., it's uncertain when, or even if, OKX might make its debut there.
Where is OKX based?
While OKX is registered in Seychelles, its operational hub is in Hong Kong.
Is OKX Safe?
While OKX is recognized for its advanced security protocols and infrastructure, potential users should remain cognizant of the associated regulatory risks.
For those in the U.S. seeking a more compliant platform, eToro emerges as a viable alternative. With its regulation by FinCEN in the U.S., eToro ensures a secure and regulation-compliant trading environment.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
