Originally published on: November 28, 2024
OKX, a leading cryptocurrency exchange, has recently launched its trading platform and self-custodial wallet in Belgium, expanding its operations in Europe.
Belgian customers can now access the OKX Exchange and OKX Wallet, allowing them to engage in spot trading and convert over 200 cryptocurrencies, including 60 trading pairs with euro-based options.
Despite not having direct approval from Belgian authorities, OKX’s General Manager of Europe, Erald Ghoos, confirmed the launch, stating, “We have no regulatory approval, only a non-rejection for our activity in Belgium.”
These services are provided through Okcoin Europe, a Malta-registered company licensed by the Malta Financial Services Authority as a Virtual Financial Assets Service Provider.
To accommodate euro deposits and withdrawals, OKX has partnered with Bancontact, a popular payment system in Belgium. This integration enables OKX customers to deposit euros into their accounts instantly and free of charge. Additionally, the platform supports deposits and withdrawals through Europe’s Single Euro Payments Area.
Belgian residents interested in trading on the platform must complete verification using the Itsme identification app. Ghoos acknowledged that Belgian investors prioritize trust and security in their financial decisions, showing a preference for stable investments and caution towards risks.
Data from Statista reveals that Belgium’s crypto user penetration stands at around 25% and is projected to grow to 28% by 2028.
Ghoos highlighted Belgium’s Financial Services and Markets Authority’s requirement for cryptocurrency advertisements to include clear risk warnings to protect consumers from misleading promotions.
OKX’s expansion into Belgium aligns with its strategy to bolster its presence in Europe. Having already launched in the Netherlands earlier this year, OKX aims to establish its EU regulatory hub in Malta, where it holds a Class 4 Virtual Financial Assets (VFA) Service Provider license since 2021.
This move underscores OKX’s commitment to offering innovative crypto solutions to its global user base, catering to the evolving needs of the digital asset space.
