OKX Establishes MiCA Hub in Malta Amid European Expansion

OKX has designated Malta as its hub for Markets in Crypto Assets (MiCA) compliance, aligning with European Union regulations.

This move allows OKX to offer EU users a platform for buying, selling, converting, and staking cryptocurrencies through OKCoin Europe. OKX also plans to facilitate spot trading for EU-approved cryptocurrencies like Circle’s EURC and USDC, which recently received clearance in France.

Erald Ghoos, the incoming general manager for OKX Europe, emphasized that establishing the MiCA hub in Malta will expand OKX’s market reach across Europe and improve service offerings to meet global standards. He noted that the new regulatory framework supports sustainable industry growth and will enable OKX to increase hiring and investment in the region.

Malta was chosen after a thorough evaluation of several jurisdictions due to its high regulatory standards, existing infrastructure, and commitment to customer safety and security. OKCoin Europe, OKX’s local entity, has held a Class 4 Virtual Financial Assets (VFA) Service Provider License from the Malta Financial Services Authority (MFSA) since 2021. This strategic move follows the launch of OKX’s crypto exchange and Web3 wallet in the Netherlands and Türkiye earlier this year.

However, OKX is also facing regulatory challenges elsewhere. The company has decided to cease operations in Nigeria, citing regulatory concerns. Customers have been given until August 30 to withdraw their digital assets. This decision follows a suspension of Naira withdrawals in May and comes amid the Nigerian government’s crackdown on Binance for financial misconduct, money laundering, and tax evasion schemes.