OKX Chief Marketing Officer Haider Rafique addressed the challenges of bringing advanced crypto trading products to the United States, noting the lack of a clear regulatory framework as the primary obstacle.

Speaking with Roundtable host Rob Nelson, Rafique explained that while OKX is keen on entering the U.S. market, the regulatory environment remains a major hurdle.

“First off, I live in California. I think the United States is a really vibrant market for crypto entrants. So we definitely see the United States as a huge opportunity for our firm,” Rafique said. “Now, if you look at regulations, we're not going to get into the political positions of different administrations, but if you look at Europe — specifically MiCA or EEA markets — you look at the United Arab Emirates, Singapore, Australia, Brazil, Turkey, Japan, all these markets arguably have introduced regulatory frameworks, and operators like ourselves have a clear understanding of how to operate in these markets.”

On Jan. 23, OKX received pre-authorization for a MiCA license from the Malta Financial Services Authority (MFSA), bringing it closer to full compliance with the EU’s Markets in Crypto-Assets (MiCA) regulations. The exchange, which set up a MiCA hub in Malta in July 2024, plans to list over 240 tokens and offer spot trading, OTC, and bot trading once fully licensed.

The conversation stemmed from Nelson’s frustration with being unable to access advanced crypto trading products in the U.S.

“I love you, but I hate you right now,” Nelson joked. “It’s like, great, you have this great opportunity, I can’t access it.”

Rafique acknowledged these concerns, pointing out that the issue isn’t just the lack of regulations — it’s the fragmented and complex nature of them.

“It’s not even so much about the absence of a framework. It’s that the framework has been really challenging and it's state by state. So if you look at New York, they have a very different viewpoint on regulations for crypto than does California or Florida, for that matter,” he said.

He contrasted this with international markets where clearer regulations allow firms to operate with confidence. “Look, the other reality with our company is that we're a very focused company. So when we have an intention to go into any market, there's been a lot of planning done in advance of that. The U.S. is on our horizon, but when we choose to do U.S., we will be quite serious about it,” Rafique said.

OKX is considering a U.S. expansion but wants to ensure that when it enters, it offers a product that stands out.

“We want to make sure that we have a new alternative for Americans, and it's very clear. We want to make sure that it's a very distinguished product, and I think needless to say, we might be working on that,” he hinted.