Crypto exchange Okcoin has obtained trading licenses in Netherlands and Malta that will help the firm expand further into Europe.
In an announcement issued on July 28, Okcoin said that it has received a “formal approval” from the Dutch Central Bank (DNB) and an “In Principal” permission from the Malta Financial Services Authority. These approvals make it easier for the exchange to service customers and partner with local payment providers while improving Euro-to-cryptocurrency transfers.
Okcoin has become the first US-headquartered cryptocurrency exchange to secure trading approval from the DNB. The firm started crypto-to-crypto trading operations in the Netherlands in 2018 and has been registered as a crypto service provider, offering trade and exchange services since 2020.
The new approvals are part of Okcoin’s strategy to work with local banks and payment providers in Europe to minimize regulatory risks and make transmissions between Euro and digital currencies simpler.
For Okcoin CEO Hong Fang, the European market is a top priority, and expansion in the region is vital to his company’s growth. The exchange has already hired 25 new members who will serve its customers in the region.
Okcoin is a globally licensed crypto exchange, founded in 2013 in San Francisco, US. Last year, the company shifted its base to Singapore following the regulatory nod from Japan. It also has offices in Hong Kong, Singapore, Malta, and Korea and caters to users in more than 185 countries.
The company is the latest entrant on Malta’s crypto scene, which has been termed by the FATF as “problematic.” Last month, the Times of Malta reported that an estimated $71 billion, or 60 billion euros, have passed through the country in cryptocurrencies since it first declared itself as the “blockchain island”.