OKX OKB/USD, one of the biggest cryptocurrency exchanges in terms of daily trading volume, announced its entry into the U.S. market Tuesday by setting up a new regional headquarters in San Jose, California.

What Happened: OKX’s expansion plan includes not only setting up a new base but also extending the reach of its platform and native OKX Wallet to U.S.-based cryptocurrency traders.  The exchange also announced the appointment of Roshan Robert as its U.S. CEO, a founding team member of cryptocurrency prime brokerage firm Hidden Road.

“With our product go-live, new headquarters, and Roshan appointment, I’m looking forward to our continued innovation in America, prioritizing regulation, and working with the current administration,” said OKX CEO Star Xu.

See Also: Five Years Ago, 31 Bitcoin Bought A House—Here’s How Many You Need Today

This development follows a settlement by an OKX subsidiary two months ago, which had been charged with operating in the U.S. without a money transmitting license. The Seychelles-based entity agreed to pay over $500 million in penalties to the Department of Justice.

According to CoinGecko, OKX facilitated the fifth-largest cryptocurrency volumes in the past 24 hours, totaling $2.47 billion.

Photo Courtesy: photo_gonzo on Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.