Okcoin, cryptocurrency platforms, has secured “In Principle” approval from the Malta Financial Services Authority and formal registration from the Netherlands Central Bank. The two cryptocurrency (DABA) licenses will enable Okcoin to further honor their commitment to build a more inclusive future of finance by providing easy access to cryptocurrency for European customers.
“Europe is a big focus for our global growth plans, and we have added almost 25 team members in 2021 to better serve our customers in this region,” said Hong Fang, CEO at Okcoin. “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.”
Upon formal approval from the Malta Financial Services Authority, Okcoin will be the only US-headquartered exchange to receive a Class 4 license, enabling cryptocurrency trading in addition to more commonly available wallet cryptocurrency services. This registration with the Dutch Central Bank will enable greater banking partnerships and payment rail integrations across Europe. Okcoin will be maintaining best practice compliance and ethical standards to create greater connections between the financial and banking system and the proliferating crypto ecosystem.
The licenses enable Okcoin to service customers across Europe as a regulated exchange, opening the door to partnerships with local banks and payments providers to further facilitate easy transactions in these markets, simplify the Euro-to-cryptocurrency transmission, and minimize regulation risks. Okcoin has served Netherlands customers with crypto-to-crypto trading since 2018. In May 2020, Okcoin registered with the Dutch Central Bank (DNB) as a crypto service provider offering crypto-to-fiat trading and exchange services.