Cryptocurrency exchange OKX has broadened its reach in Europe by rolling out a trading platform and a self-custodial wallet in Belgium. As of Nov. 26, the company confirmed that both the OKX Exchange and OKX Wallet are now available to users in Belgium. Belgian customers can now use OKX to access spot trading and exchange over 200 cryptocurrencies, including 60 trading pairs with euro-based options.
However, OKX’s General Manager for Europe, Erald Ghoos, said the launch doesn’t come with direct regulatory approval from Belgian authorities. OKX offers its services in Belgium through OKCoin Europe, a company registered in Malta and licensed by the Malta Financial Services Authority to operate as a Virtual Financial Assets Service Provider.
OKX has partnered with Bancontact to facilitate euro deposits and withdrawals for Belgian users. The exchange also allows Belgian users to deposit euros instantly and for free. Moreover, OKX supports deposits and withdrawals via the Single Euro Payments Area (SEPA), Europe’s cashless payment system.
OKX targets the Belgian crypto market
To begin trading, Belgian residents must verify their accounts through the Itsme identification app. OKX’s Ghoos said that Belgian investors tend to be conservative, focusing on trust and security in their financial choices. He added that they prefer stable investment options and approach risks cautiously.
According to data from Statista, Ghoos highlighted that around 25% of Belgians are currently involved in cryptocurrency, which is expected to rise to 28% by 2028. He also mentioned that in Mar. 2024, Belgium’s Financial Services and Markets Authority introduced a rule requiring all cryptocurrency ads to include clear warnings about the risks involved.
OKX’s decision to launch in Belgium aligns with its broader strategy of strengthening its European presence. In June, OKX expanded its reach by launching its exchange in the Netherlands. The following month, the company revealed plans to set up its EU regulatory hub in Malta, where it secured a Class 4 Virtual Financial Assets (VFA) Service Provider license back in 2021.
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