Crypto exchange Okcoin has obtained trading licenses in Netherlands and Malta that will help the firm expand further in Europe.
In an announcement, Okcoin said that it has received “formal approval” from the Dutch Central Bank to operate in the Netherlands as a crypto service provider. They are the first U.S. headquartered exchange to receive “in principle” approval for a Class 4 VFA license from Malta FSA. In addition, the exchange has obtained a money transmitter license for the U.S. territory of Puerto Rico.
The firm started crypto-to-crypto trading operations in the Netherlands in 2018. In May 2020, the firm registered with the Dutch Central Bank as a crypto service provider.
The new approvals are part of Okcoin’s strategy to work with local banks and payment providers in Europe. It facilitates minimizing regulatory risks and makes transmission between Euro and digital currencies simpler.
The CEO Hong Fang said: “Europe is a main focus for our global growth plans, we have added almost 25 team members in 2021 to better serve our customers in this region.”
Star Xu founded Okcoin, a globally licensed crypto exchange, in 2013. It is one of the world’s oldest crypto exchanges, headquartered in the US. In 2020 the company shifted its base to Singapore following a regulatory nod from Japan. It also has offices in Hong Kong, Singapore, Malta and Korea and caters to more than 185 countries.