OKX Set To Expand Crypto Services Across Europe With MiCA
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OKX, a leading global blockchain tech company, has received a Markets in Crypto-Assets Regulation (MiCA) pre-approval. This license lets people in the region use OKX’s safe and approved crypto exchange services. These include spot trading, OTC trading, and bot trading for over 240 cryptocurrency tokens, 60 Euro-based trading pairs, and 260 trading pairs.
The Chief Executive Officer of OKX Europe, Erald Ghoos stated that OKX aims to become the leading digital asset platform in Europe. It will cater to both institutional and retail customers, providing everything they need within a fully approved framework.
OKX Plans To Expand Its MiCA License To All 30 EEA Countries Through Passporting
OKX is working on getting a full MiCA license, with plans to spread it from Malta to all 30 EEA countries. This process, called passporting, allows businesses approved in one EU country to operate in others under shared rules.
Once it gets the license, the company wants to offer special cryptocurrency services to more than 400 million people in the EEA through its Malta hub. The OKX website and mobile app will have currency displays, local language options, and regional customer support.
Ghoos noted that the Malta Financial Services Authority (MFSA) is known for its strong rules and global leadership in regulations. He added that through the firm’s Malta Hub, OKX customers will get the best, safest, and fully approved digital asset platform.
OKX users can deposit and take out euros free of charge using bank transfers and buy crypto easily with cards and other reliable local payment options. OKX picked Malta for its MiCA hub because of Malta’s smart and strong rules. Presently, OKX holds a Class 4 VASP license from the MFSA.
OKX Stopped Operations In Nigeria Due To Local Laws And Rules
The company carters to more than 60 million customers globally, providing both decentralized (DEX) and centralized (CEX) platforms.
Last year, OKX shared that it is shutting down operations in Nigeria and suspending services for Nigerian customers. The firm explained that new local laws and rules were the main reason for halting services there.
The Exchange paused Naira withdrawals in May 2024, pointing to rule problems. This happened after the Nigerian government alleged that Binance manipulated the currency, laundered money, and evaded taxes earlier last year.
The Nigerian government also blocked top centralized exchanges. Binance reacted by stopping Naira services in Nigeria and gave users a short time to take out their money or switch it to dollar-based coins.
Even so, Nigeria’s Economic and Financial Crimes Commission (EFCC) asked Binance to share information about every person who traded on the platform.
