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OKX has made a significant move in Europe by launching a trading platform and wallet service in Belgium, enhancing access to digital currencies for local investors.
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The exchange now enables Belgian users to trade in over 200 cryptocurrencies, reflecting a growing interest in crypto assets across Europe.
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According to Erald Ghoos, OKX’s Europe general manager, “We have no regulatory approval, only a non-rejection for our activity in Belgium,” emphasizing their operational strategy.
OKX launches services in Belgium, allowing access to 200+ cryptocurrencies while operating under EU regulations without direct approval. Major impact on local trading.
OKX’s Belgian services are offered from an EU-regulated entity
OKX’s entry into Belgium is significant as it operates without direct regulatory approval from the country’s authorities. Instead, the exchange uses an established EU framework to offer its services. Erald Ghoos clarified this operational strategy: “We offer our services from a regulated entity within the EU, without any permanent establishment in Belgium.” This approach allows OKX to navigate the complex regulatory landscape while providing robust cryptocurrency services.
OKX’s Compliance Framework in Belgium
To comply with European regulations, OKX conducts its operations through Okcoin Europe, a Malta-registered company. This entity is licensed by the Malta Financial Services Authority as a Virtual Financial Assets Service Provider. Such compliance not only solidifies OKX’s position within the European market but also ensures that Belgian customers enjoy a secure trading environment, adhering to EU guidelines and protections.
Belgian payment system Bancontact enables euro deposits and withdrawals
As part of its local service offerings, OKX has integrated with Bancontact, a widely used payment system in Belgium. This integration facilitates seamless euro deposits and withdrawals, making it easier for customers to manage their crypto investments. “With the Bancontact integration, customers can instantly deposit euros into their accounts free of charge,” OKX stated, enhancing user experience and accessibility.
Enhancing User Experience with Cashless Payments
Besides Bancontact, OKX also utilizes Europe’s Single Euro Payments Area, which enables further cashless transactions. This approach caters to the tech-savvy Belgian residents who prefer efficient and fast online financial solutions. Users can begin trading after completing their verification through the Itsme identification app, ensuring a robust security framework is in place.
