As crypto continues its rebound following recent stumbles, more good news comes as OKcoin, one of the world’s fastest-growing cryptocurrency platforms, has received “in-principle” approval to begin operations in Malta. What does this mean exactly though?
Working with local banks
A similar approval has been granted by the Netherlands, which will allow Okcoin to work with local banks and payment providers to minimize regulatory risks and make transactions between Euro and digital currencies easier than before. CEO Hong Fang is excited at the prospect of growing their offering across the continent.
“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,” Hong Fang stated.
Commenting on the benefits that Okcoin could offer to its partner institutions, she added, “We’re seeing an increasing trend of European Neobanks looking to provide yield on their deposits, and a PwC report highlighted that 42% of global crypto hedge funds are involved in staking; our APIs and Earn product will provide them with this capability.”
How’s that for a first?
Once the formal approval from the Malta Financial Services Authority goes through, Okcoin will be the only US-headquartered exchange to receive a Class 4 license, enabling cryptocurrency trading in addition to more commonly available wallet cryptocurrency services.
Okcoin will be maintaining best practice compliance and ethical standards to create greater connections between the financial and banking system and the proliferating crypto ecosystem.
The licenses enable Okcoin to service customers across Europe as a regulated exchange, opening the door to partnerships with local banks and payments providers to further facilitate easy transactions in these markets, simplify the Euro-to-cryptocurrency transmission, and minimize regulation risks.
With the addition of these licenses and global customers in more than 185 countries, Okcoin now serves more countries than any other US-headquartered cryptocurrency exchange in the world. To learn more about Okcoin, please visit Okcoin.com or follow Okcoin on Twitter and LinkedIn.
Established in 2013, Okcoin is one of the world’s fastest-growing cryptocurrency platforms. Seeking to build a more inclusive finance future that builds wealth for everyone, Okcoin is building the next generation of tools to help anyone invest in and trade crypto easily and with industry-low fees.
Okcoin supports millions of customers across more than 185 countries, assisting them in taking advantage of staking and DeFi offers and trading Bitcoin, Ethereum, and more than 25 other crypto assets. Headquartered in San Francisco, Okcoin has a remote, globally distributed team and offices in Hong Kong, Singapore, Malta, Japan and Korea.