tl;dr
OKX has secured pre-authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA), positioning the exchange to provide regulated crypto services to over 400 million Europeans through its hub in Malta. This milestone reflects OKX's commitment to regulatory compliance and custome...
OKX Exchange has obtained pre-authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA), enabling the exchange to provide regulated crypto services to over 400 million Europeans through its hub in Malta. The exchange's commitment to regulatory compliance and customer safety is evident in this milestone. Once fully licensed, OKX will offer regulated crypto services across all 30 European Economic Area member states. This achievement, coupled with OKX's partnership with Standard Chartered, marks its expansion into Europe under MiCA, representing the first global exchange to secure pre-authorization.
The strong regulatory environment and advanced technological infrastructure in Malta influenced OKX's decision to establish its MiCA hub there. Additionally, OKX already holds a Class 4 VASP license from the Malta Financial Services Authority. Once OKX obtains a full MiCA license, it will be able to passport its services across all 30 EEA member states, simplifying access to regulated crypto services for retail and institutional customers across the region.
OKX's pre-authorization marks a significant step toward full licensing, ultimately facilitating the exchange to offer a comprehensive suite of offerings, including over-the-counter trading, spot and bot trading, with access to over 240 cryptocurrencies across 260 token pairs. Furthermore, users will have access to over 60 Euro-based trading pairs, localized language support, and currency displays, thereby enhancing the platform’s accessibility and user experience.
This announcement aligns with OKX's growing global footprint, building on its recent partnership with Standard Chartered, focusing on institutional custody solutions. Such efforts signify OKX's ambition to serve a diverse customer base, from retail traders to large-scale institutions, under a fully regulated framework.
OKX’s expansion into Europe under MiCA reflects its commitment to becoming the most licensed and regulated platform globally, further solidifying its position as a leader in the cryptocurrency industry. Moreover, this achievement coincides with recent hints from its founder about a secret business line, aiming to drive innovation in the digital asset space.
OKX's pre-authorization comes amidst a wave of MiCA-related activity in the crypto industry, with other companies securing MiCA licenses, expanding their operations within the EU. However, the implementation of MiCA has presented challenges, with several EU-based exchanges delisting Tether’s USDT in preparation for the new regulations, creating uncertainty among users.