Okcoin has secured new financial connections and acquired licenses to expand its footprint in Europe.
Okcoin Secures Licenses In Malta And Netherlands
Okcoin announced on July 28 that it had received “In Principle” permission from the Malta Financial Services Authority and formal registration from the Netherlands Central Bank in a press release. Okcoin will become the only U.S.-based exchange to acquire a Class 4 DABA license in Malta once it receives final clearance. This will allow it to perform trading and custodial services.
The company will be able to build more banking relationships and payment rail connections across Europe as a result of its registration with the Dutch Central Bank. Since 2018, Okcoin has provided crypto-to-crypto trading to Dutch customers and has been registered as a crypto service provider with the Dutch Central Bank since 2020.
The European regulatory benchmarks are part of Okcoin’s intentions to work with local banks and payment providers to reduce regulatory risks and make it easier for clients to buy cryptocurrency with euros. Since 2018, the exchange has offered crypto-to-crypto trading to Dutch residents, and it was recognized as a crypto service provider with the country’s central bank in May 2020.
Okcoin’s CEO, Hong Fang, stated that Europe is now a major priority for the company, which has plans to expand further in the region. In order to support this expansion, Okcoin hired around 25 new team members in 2021.
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“With these licenses, we will continue growing our presence aggressively in Europe and adding payment rails and banking partnerships to further establish ourselves as a trusted partner for retail and institutional clients,” he said in the company’s press release.
He added:
“We’re seeing an increasing trend of European Neobanks looking to provide yield on their deposits, and a PwC report highlighted that 42% of global crypto hedge funds are involved in staking; our APIs and Earn product will provide them with this capability. With these licenses, we will continue growing our presence aggressively in Europe and adding payment rails and banking partnerships to further establish ourselves as a trusted partner for retail and institutional clients.”
Okcoin, one of the world’s oldest cryptocurrency exchanges, was founded in 2013 and has since grown to serve consumers in over 185 countries. Despite having its headquarters in the United States, Okcoin relocated to Singapore last year after receiving regulatory approval in Japan.
Many crypto and blockchain companies have set up shop in Malta, hoping to benefit from the country’s advantageous rules as a European Union member. Last month, officials in the Netherlands called for a complete ban on mining, selling, and holding Bitcoin.
BTC/USD slumps back below $40k. Source: TradingView
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Featured image from Pixabay, Charts from TradingView.com
by Anifowoshe Ibrahim via Bitcoinist.com
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