OKX finally received the Markets in Crypto-Assets Regulation (MiCA) license. The milestone allows the crypto exchange to offer regulated crypto services through localized offerings targeting more than 400 digital asset users in Europe.
Currently, OKX ranks as the fourth with a trading volume of $4.9 billion in the past day alone. According to data from CoinMarketCap, the current top three exchanges are Binance, Bybit, and Coinbase.
"The full MiCA license marks a pivotal step in OKX's journey as a responsible leader and innovator across the global crypto ecosystem. Europe holds immense potential to become a cornerstone of excellence for digital assets and blockchain technology, and the MiCA framework establishes a strong foundation for the industry to continue growing," commented OKX Europe's CEO, Erald Ghoos.
The onboarding of the exchange comes amid a market retracement. Bitcoin currently trades at $99,927, following a 4% and a 6% decline in the past day and week, respectively.
Crypto Market Pulls Back
Ethereum and XRP also faced a decline during the same period. ETH is changing hands at $3,106, representing a 5% and a 6% price decline in the past 24 hours and one week, respectively. XRP has also dropped 12% in the weekly chart to $2.85.
According to the company, the MiCA license enables OKX to operate across the entire European Economic Area from its hub in Malta. This license ensures that European customers can access a range of regulated crypto products, including spot trading, bot trading, and over-the-counter trading.
The platform reportedly supports over 240 cryptocurrency tokens, with more than 260 trading pairs, including 60 euro-based trading pairs. Ghoos emphasized the potential of Europe as a stronghold for blockchain innovation under a unified regulatory framework.
OKX is now customizing its platform to cater to the diverse needs of European users. Features reportedly include local language options, currency displays, and customer support tailored to regional preferences. Besides this, users can deposit and withdraw euros for free on the platform through bank transfers or cryptocurrency purchases using local payment methods like credit cards.
We’re proud to be the first global exchange to secure a MiCA license! ???????? Our fully regulated crypto products are now set to roll out to 400M+ people across Europe. This is a win for crypto, a milestone for regulation, and a step toward mass adoption.Learn more:… pic.twitter.com/SpFVSeMGCK
— OKX (@okx) January 27, 2025
Expanding Across the EEA with Passporting
The MiCA framework also enables OKX to passport its license from Malta to all 30 EEA member states. This feature seeks to eliminate the need for separate licensing in each country, streamlining access to OKX's services. With Malta's robust regulatory framework and technological infrastructure, OKX has chosen the country as the ideal base for its European operations.
OKX offers a range of products to meet diverse customer needs. From a simple exchange interface for beginners to advanced trading tools and a comprehensive crypto wallet, the platform caters to every level of expertise. OKX also emphasizes reliability, boasting a 99.99% uptime and a transparent Proof of Reserves system.
This article was written by Jared Kirui at www.financemagnates.com.
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