July 30, 2021, | AtoZ Markets – Cryptocurrency exchange Okcoin could soon open its doors to cryptocurrency traders from Malta and the Netherlands following approval from major local regulators.
In an announcement, Okcoin said it had secured formal registration from the central bank of the Netherlands and had obtained approval "in principle" for a virtual financial asset license from the Malta Financial Services Authority. In addition, the exchange has obtained a money transmitter license for the US territory of Puerto Rico.
Okcoin now focused on growing European presence
Regulatory benchmarks in Europe are part of Okcoin's plans to partner with local banks and payment providers to minimize regulatory risks and make it easier for customers to purchase cryptocurrencies with euros. The exchange has been providing Dutch residents with cryptocurrency trading since 2018, registering with the country's central bank as a provider of services related to the crypto space in May last year.
"With these licenses, we will continue to aggressively expand our presence in Europe and add payment rails and banking partnerships," said Okcoin CEO Hong Fang. "Europe is a great focus for our global growth plans, and we have added nearly 25 team members in 2021 to better serve our customers in this region."
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Founded in 2013, Okcoin is one of the oldest cryptocurrency exchanges in the world and has steadily expanded to now serve clients in more than 185 countries. Although its headquarters are in the US, Okcoin moved to Singapore last year after also obtaining regulatory approval in Japan.
Many cryptocurrency and blockchain companies have established operations in Malta, expecting the country to offer favorable regulations within a member of the European Union. In the Netherlands, however, officials called for a complete ban on mining, trading, or owning Bitcoin last month.
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