In a press release published on 28 July, Okcoin announced it has secured “In Principle” approval from the Malta Financial Services Authority and formal registration from the Netherlands Central Bank. Once the company receives the full approval in Malta, Okcoin will become the only U.S.-headquartered exchange to receive a Class 4 DABA license in the country, enabling it to provide trading and custodial services.
The registration with the Dutch Central Bank will help the company establish more banking partnerships and payment rail integrations across Europe. Okcoin has served Netherlands customers with crypto-to-crypto trading since 2018 and registered with the Dutch Central Bank as a crypto service provider in 2020.
Hong Fang, the CEO of Okcoin, said Europe is currently a big focus for the company, which had plans to further expand into the region. Okcoin has added almost 25 new team members in 2021 to support this expansion.
“With these licenses, we will continue growing our presence aggressively in Europe and adding payment rails and banking partnerships to further establish ourselves as a trusted partner for retail and institutional clients,” he said in the company’s press release.