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The OKX cryptocurrency exchange is expanding throughout Argentina.
Argentinians will now have access to the OKX crypto exchange, where they will be able to trade digital assets, including non-fungible tokens (NFTs).
According to a blog post, the OKX team expressed their excitement about the official launch of their cryptocurrency exchange and Web3 wallet in one of Latin America's cryptocurrency-friendly markets.
The move comes on the heels of OKX's investigation into a sharp 50% drop in the value of its native token, OKB. The unexpected drop caused OKB's value to fall to $25.1, leading to OKX CEO Star Xu. heading down The issue.
The team emphasized its user-centric approach aimed at accelerating adoption by prioritizing local needs.
With a user base exceeding 50 million worldwide, OKX offers access to crypto exchange services and Web3 technology for retail and institutional participants.
OKX President Hong Fang highlighted the growing potential of cryptocurrencies and blockchain in Latin America, underscoring the importance of Argentina as a critical launchpad for its regional growth strategy.
Alejandro Estrin, country manager of OKX Argentina, emphasized the importance of strong security measures and transparency to build trust, which he considers crucial for widespread adoption.
He highlighted OKX's commitment to providing verifiable proof of reserves, world-class custody solutions, and rigorous compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.
Estrin also mentioned the development of an intuitive trading platform adapted to the needs of the Argentine market, offering a wide range of popular cryptoassets with great liquidity. By offering compliant, secure and easy-to-use solutions, OKX aims to encourage responsible crypto innovation among retail and institutional participants in Argentina.
According to him statementOKX maintains transparency by being one of the first global exchanges to publish monthly proof of reserves, verified using zero-knowledge proof (ZK) cryptography.
OKX examined
Following recent reports, OKX is facing scrutiny amid accusations of accepting fake IDs for its know-your-customer (KYC) verification process.
An investigation uncovered the existence of a web service called “OnlyFake,” which allegedly uses advanced artificial intelligence (ai) technology to generate highly authentic fake IDs from 26 countries.
These fake IDs, priced at $15 each, reportedly passed KYC checks on several cryptocurrency exchanges, including OKX, Kraken, Bybit, Bitget and Huobi, as well as online payments platform PayPal Holdings Inc.
On February 5, 404 Media reported on a successful attempt to bypass OKX's KYC verification process by submitting a British passport photo generated by OnlyFake.
South Korea's Financial Intelligence Unit (FIU) has reportedly launched an investigation into OKX, a global cryptocurrency exchange, following accusations of providing unregistered services to South Korean investors.
The investigation was prompted by allegations that OKX marketed its services, including its “Jumpstart” token selling platform, to South Korean users without proper registration and without complying with local regulations.
The Digital Asset Exchange Association (DAXA), which represents South Korea's major crypto exchanges, alerted the FIU about OKX's activities, leading to the investigation.
South Korea maintains regulations requiring crypto exchanges to register before offering services to local investors, failure to comply with which could lead to sanctions from financial regulators. The main concern for 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 investigation into OKX's allegedly unregistered operations underscores regulators' commitment to enforcing regulations within the cryptocurrency industry.
While OKX has not explicitly offered services to South Korean investors, the investigation stems from accusations of promoting its services in the local market. The ongoing investigation will determine OKX's compliance with South Korean regulations, and the FIU's findings will guide any necessary action.
OKB's trading volume is $6,298,106 in the last 24 hours, which represents a 7% increase from the previous day and signals a recent increase in market activity.
