OKX, a prominent cryptocurrency exchange, is expanding its reach in Europe by launching its trading platform and self-custodial wallet in Belgium. This new initiative allows Belgian users to engage in spot trading and convert from over 200 cryptocurrencies, including 60 pairs against the EURO .
The services provided by OKX in Belgium are operated through Okcoin Europe, a company registered in Malta and licensed by the Malta Financial Services Authority as a Virtual Financial Assets Service Provider. It is important to note that this launch does not include direct regulatory approval from local authorities in Belgium. Rather, it operates under the umbrella of a regulated EU entity without any permanent establishment in the country.
To facilitate transactions in euros, OKX has formed a partnership with Bancontact, a widely used payment system in Belgium. This collaboration allows customers to deposit euros instantly and without any fees. Additionally, OKX supports deposits and withdrawals through the European cashless payment system known as the Single EURO Payments Area. Belgian residents will need to complete a verification process via the Itsme identification app to start trading on the platform.
Research indicates that approximately 25% of Belgium’s population of 11.8 million individuals are involved in cryptocurrency, reflecting a trend that is expected to rise to 28% by 2028. Many Belgian investors tend to be risk-averse, prioritizing trustworthy and secure financial options. Furthermore, the Belgian Financial Services and Markets Authority recently mandated that all cryptocurrency advertising must include clear warnings about associated risks, aiming to protect consumers from misleading information.
OKX’s recent launch in Belgium is a part of its broader strategy to enhance its presence across Europe, which includes a previous launch in the Netherlands and plans for a regulatory hub in Malta, showcasing the company’s commitment to growth in the European market.
