Okcoin green lighted in Malta and the Netherlands
Okcoin, one of the world’s oldest cryptocurrency exchanges founded in 2013, announced on July 28 that it had received “In Principle” permission from the Malta Financial Services Authority. It also stated that it had registered with the Dutch Central Bank. Following final clearance, Okcoin will become the only U.S.-based exchange to have obtained a Class 4 DABA license in Malta. The platform will then be permitted to offer trading and custodial services.
Malta is a popular destination and has attracted many crypto and blockchain companies to set up shop on the island. All hoping to benefit from the country’s favorable financial climate in addition to its status as a European Union member.
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.
As a result of its registration with the Dutch Central Bank, Okcoin will be able to build more banking relationships and payment rail connections across Europe. The exchange is committed to work with local banks and payment providers to reduce regulatory risks and make it easier for clients to buy cryptocurrency with euros. The exchange has been operational in the Netherlands since 2018, offering crypto-to-crypto trading to Dutch residents. The Dutch Central Bank recognized the company as a crypto service provider in May 2020.
Chief Executive Officer of Okcoin, Hong Fang, stated that the exchange has plans to further expand in Europe, putting the continent on top of their priority list. Okcoin has recruited around 25 new team members in 2021 and is still hiring.
“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.”
The CEO 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, in business since 2013 is currently serving customers in over 185 countries. Although it is headquartered in the U.S., it moved its operations to Singapore following regulatory approval in Japan. Current Binance Chief Executive Officer, Chanpeng Zao, operated as the company’s Chief Technical Officer from 2014 until he left in 2016 to found Binance.
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Author: Peter Siu