Cryptocurrency exchange OKX has launched its trading platform and self-custodial wallet in Belgium, marking another step in its European expansion. The company announced the move on November 26, 2023, offering Belgian customers access to both spot trading and cryptocurrency conversion services.
The new platform provides Belgian users with the ability to trade more than 200 cryptocurrencies, including 60 trading pairs that feature crypto trading against the euro. This launch represents OKX’s latest effort to strengthen its presence in the European market.
Operating under a Malta Financial Services Authority license, OKX is providing its Belgian services through Okcoin Europe, a Malta-registered company. Erald Ghoos, OKX’s general manager of Europe, clarified that the company does not have direct regulatory approval from Belgian authorities, but rather operates under a “non-rejection” status for its activities in Belgium.
To make the platform more accessible to Belgian users, OKX has partnered with Bancontact, a popular payment system in Belgium. This integration allows customers to deposit euros into their accounts instantly without fees. The platform also supports deposits and withdrawals through the Single Euro Payments Area (SEPA) system.
Belgian residents wanting to trade on the platform must complete verification through the Itsme identification app, ensuring compliance with local regulations and security standards.
According to data cited by OKX, approximately 25% of Belgium’s 11.8 million population currently has exposure to cryptocurrencies. This percentage is projected to increase to 28% by 2028, indicating growing interest in digital assets among Belgian investors.
Ghoos described Belgian investors as generally conservative, noting their emphasis on trust and security in financial decisions. He pointed out that Belgian investors typically favor stable investment options and maintain a cautious approach to risk.
The launch comes at a time when Belgian authorities are increasing their oversight of cryptocurrency advertising. In March 2024, Belgium’s Financial Services and Markets Authority implemented new requirements for cryptocurrency advertisements, mandating clear risk warnings to protect potential investors from misleading promotions.
OKX’s entry into Belgium follows its earlier expansion moves in Europe. The exchange launched operations in the Netherlands in June 2023 and announced plans to establish its EU regulatory hub in Malta, where it received its Class 4 Virtual Financial Assets Service Provider license in 2021.
The platform’s Belgian operation includes features designed for the local market. Users can access both the OKX Exchange for trading and the OKX Wallet for self-custody of their digital assets, providing flexibility in how they manage their cryptocurrencies.
Through the Bancontact integration, OKX aims to simplify the process of moving between traditional currency and cryptocurrencies for Belgian users. The free euro deposits feature removes one of the common barriers to entry for new crypto users.
OKX’s European operations are structured to comply with EU regulations while operating without a permanent establishment in Belgium. This approach allows the company to serve Belgian customers while operating under its existing EU regulatory framework.
The exchange’s trading pairs include various cryptocurrency options against the euro, providing Belgian users with direct access to crypto markets using their local currency. This feature eliminates the need for multiple currency conversions when trading.
The platform’s verification process through the Itsme app aligns with Belgian digital identity standards, ensuring secure access for users while meeting local regulatory requirements.
Belgian customers now have access to OKX’s full suite of services, including spot trading and cryptocurrency conversion options, matching the functionality available in other European markets where OKX operates.
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Publish date : 2024-11-28 01:19:00
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