OKX Expands in Europe, Launches Crypto Trading Platform and Wallet in Belgium

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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November 26, 2024

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Crypto exchange OKX has expanded its footprint in Europe by launching a trading platform and self-custodial wallet in Belgium.

Belgian customers now have access to spot trading and conversion services for over 200 cryptocurrencies, including 60 trading pairs involving the euro, according to a recent announcement.

However, the launch does not involve direct regulatory approval from Belgian authorities.

OKX Operates in Belgium Unser Non-Rejection Status

According to Erald Ghoos, OKX’s General Manager for Europe, the company operates in Belgium under a “non-rejection” status, leveraging its Malta-registered entity, Okcoin Europe, which is licensed by the Malta Financial Services Authority.

To streamline euro transactions, OKX has integrated Bancontact, Belgium’s popular payment system.

The partnership allows users to deposit euros into their accounts instantly and free of charge.

Additional deposit and withdrawal options are available through the Single Euro Payments Area (SEPA), Europe’s cashless payment system.

Belgian residents can access OKX’s platform after completing verification via the Itsme identification app.

Ghoos highlighted Belgium’s conservative investment culture, noting that investors prioritize trust and security.

He cited data from Statista, which estimates Belgium’s crypto user penetration at 25% in 2024, with an expected rise to 28% by 2028.

He also acknowledged Belgium’s Financial Services and Markets Authority’s mandate from March 2024, requiring clear risk warnings on all cryptocurrency advertisements.

The regulation aims to protect consumers from misleading promotions and enhance investor awareness.

The launch in Belgium aligns with OKX’s ongoing European expansion efforts.

Earlier this year, the exchange entered the Dutch market and announced plans to establish its EU regulatory hub in Malta.

At the time, the firm said it chose Malta due to its reputation for high regulatory standards and its progressive approach to blockchain technology and cryptocurrencies.

OKX obtained its Class 4 Virtual Financial Assets Service Provider license in Malta in 2021.

Last month, the exchange also announced a partnership with Standard Chartered, appointing the banking giant as a third-party crypto custodian for its institutional services.

The partnership is set to enhance OKX’s offerings, which already include advanced trading capabilities, robust risk management tools, and enhanced custody solutions tailored for institutional investors.

OKX Sercures MPI License in Singapore

More recently, OKX secured a Major Payment Institution (MPI) license in Singapore, which allows the exchange to provide a range of financial services.

The license allows it to process payments beyond the 3 million Singaporean dollars (approximately $2.2 million) cap for a single service and the 6 million SG$ ($4.4 million) limit for multiple services.

Furthermore, OKX officially launched its operations in Australia in May, enabling spot trading for all Aussie users and derivatives trading for verified wholesale clients in Australia.

In June, the platform also debuted a crypto trading platform along with a Web3 wallet in the Netherlands.

However, the crypto exchange has withdrawn its Virtual Asset Service Provider (VASP) license application in Hong Kong, ceasing its services.