OKX, the US-based sister exchange of OKCoin, is planning to relaunch with a new mobile app in late 2024, according to OKX Chief Marketing Officer Haider Rafique in an interview with Decrypt. The existing mobile app, called OKCoin, will be discontinued and replaced with the new app, which Rafique emphasized will be a completely new product, not just a rebranded version of OKCoin. Users of the current app will be migrated to the new app when it launches, and some users have already started transferring their cryptocurrencies in preparation for the migration.
OKX, one of the largest crypto exchanges in terms of trading volume, is expecting to launch the new app for US users in the next few months. However, the exchange is still in the process of onboarding a few US banks before the launch, including one used by its competitor Kraken. This comes after OKX halted US dollar deposits in early 2023 due to the collapse of Signature Bank, which was the primary USD bank for OKCoin’s customer transactions.
The new OKX app is also aiming to address some issues that traders have had with ACH transfers on the OKCoin app. The team plans to include automated clearing house (ACH) transfers in the new app, as they are generally more cost-effective and provide additional benefits for users compared to wire transfers.
The new OKX app will be available in 41 states, just like its predecessor OKCoin, as OKCoin’s licenses can be transferred to the OKX-branded trading platform for US users. This relaunch under the OKX brand will further consolidate the exchange and its non-US counterpart.