OKX expands to Belgium: new crypto platform and wallet for investors

OKX expands to Belgium: new crypto platform and wallet for investors

The cryptocurrency exchange OKX, an established platform on the European market, has just expanded its presence to the Belgian market. A new trading platform and custody wallet has been launched and is now available to all Belgian customers. This expansion is a significant step in OKX's ambition to strengthen its position in Europe, although it is taking place without the direct approval of the local regulatory authorities.

According to OKX, the trading platform and wallet was launched on November 26, providing Belgian investors with the ability to trade and convert more than 200 cryptocurrencies. Included within this offering are 60 trading pairs that allow trading in euros, making it easier for a wide range of users to participate in the market.

Secure and Regulated Services

As stated by Erald Ghoos, OKX's Managing Director for Europe, services in Belgium are provided through a regulated entity within the EU, namely Okcoin Europe, a company registered in Malta. Although OKX does not have a dedicated regulatory license in Belgium, it ensures that everything is compliant with European standards. Ghoos said, "We don't have any regulatory approval, just a non-rejection for our operations in Belgium."

Belgian customers can now deposit and withdraw funds in euros through OKX's partnership with the popular Belgian payment system Bancontact. With this integration, they are able to make instant and free transactions, greatly simplifying their access to trade.

Growing Interest in Cryptocurrencies in Belgium

Erald Ghoos also pointed to the increasing exposure of Belgian residents to cryptocurrencies. It is estimated that around a quarter of Belgium's 11.8 million inhabitants have invested in cryptocurrencies. Ghoos noted that Belgian investors are generally rather conservative and place a premium on trust and security in their investment decisions.

Given Statista's data, the penetration of cryptocurrency users in Belgium is expected to grow to 28% by 2028.

New Challenges and Measures

Ghoos also mentioned that in March 2024, the Belgian Financial Services and Markets Authority ordered that all cryptocurrency advertisements should contain clear warnings and detailed information about the risks. This measure aims to increase consumer awareness and protect potential investors from misleading practices.

The launch of OKX's activities in Belgium is part of its broader strategy to expand its European presence. In the past, the exchange has opened its services in the Netherlands and plans to establish a regulatory centre in Malta, where it has already obtained a virtual financial asset service provider licence.

The move will significantly strengthen OKX's position in Europe and offer Belgian investors further opportunities to trade and invest in the rapidly developing cryptocurrency market.

*This is not investment advice.

Coingarage team