Cryptocurrency exchange OKX launched its centralized exchange (CEX) and a web3 wallet in the Netherlands on June 3rd.
This expansion into the Dutch market allows users to trade over 150 cryptocurrencies, with 60 specifically paired against the Euro.
Notably, the exchange rebranded from Okcoin Europe Ltd. to OKX in April of this year.
OKX partnered with Dutch payments provider iDEAL to streamline euro deposits and withdrawals for its users in the Netherlands. Additionally, the exchange supports the Single Euro Payments Area (SEPA) for free euro transfers.
Beyond the centralized exchange, OKX also introduced a self-custody web3 wallet, named OKX Wallet, specifically designed for Dutch users. Erald Ghoos, the general manager of OKX Europe, emphasized that both the wallet and the exchange were meticulously designed by a team of specialists after considering user feedback.
OKX emphasized its commitment to compliance by mentioning its registration with De Nederlandsche Bank (DNB) as a crypto service provider in the Netherlands, alongside holding a virtual financial asset service provider license in Malta.
In a contrasting move, OKX withdrew its application for a Virtual Asset Service Provider (VASP) license in Hong Kong on May 24th. This decision led to the exchange halting operations in the region by May 31st. While OKX hasn’t publicly disclosed the primary reason behind exiting Hong Kong, a city known for its burgeoning crypto scene, their expansion into the Netherlands suggests a strategic shift towards markets with clearer regulatory frameworks.
OKX boasts a significant global presence, processing a daily trading volume of $2.7 billion and attracting nearly 5.9 million users weekly according to CoinMarketCap data. They manage a total of $18.8 billion in assets, with Bitcoin (BTC) being the dominant cryptocurrency at 46.2% of the total, valued at roughly $8.69 billion.
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