Originally published on: November 28, 2024
Cryptocurrency exchange OKX has recently broadened its operations in Europe by introducing a trading platform and self-custodial wallet in Belgium.
The launch of OKX Exchange and OKX Wallet in Belgium has been warmly received by customers in the region, as they gain access to spot trading and the ability to convert over 200 cryptocurrencies, with 60 trading pairs that include crypto trading against the euro.
Despite the absence of direct regulatory approval from Belgian authorities, Erald Ghoos, OKX’s general manager for Europe, explained to Cointelegraph that they have received a non-rejection for their activity in Belgium.
In order to support euro deposits and withdrawals, OKX has collaborated with Bancontact, a popular payment system in Belgium. By integrating Bancontact, OKX customers in Belgium can make instant euro deposits to their accounts free of charge. Moreover, OKX offers deposits and withdrawals via Europe’s Single Euro Payments Area.
To trade on the platform, Belgian residents must complete verification through the Itsme identification app.
Ghoos pointed out that Belgian investors tend to prioritize trust and security in their financial decisions, favoring stable investment options and approaching risks with caution. He highlighted a Statista report indicating that Belgium’s crypto user penetration stands at 25% and is predicted to reach 28% by 2028.
In March 2024, Belgium’s Financial Services and Markets Authority mandated that all cryptocurrency advertisements must include clear warnings about associated risks, aimed at enhancing consumer awareness and protecting potential investors from misleading promotions.
OKX’s expansion into Belgium is part of its strategy to strengthen its European presence. Earlier this year, OKX launched its exchange in the Netherlands and announced plans to establish its EU regulatory hub in Malta, where it acquired its Class 4 Virtual Financial Assets (VFA) Service Provider license in 2021.
With a continued focus on enhancing its European offerings, OKX is solidifying its position as a leading cryptocurrency exchange platform in the region.