While some major exchanges, including Binance, have sought alternative regions due to regulatory challenges, OKX and Crypto.com have doubled down on their commitment to Europe.
By Bena Ilyas
Edited by Marco T. Lanz
Updated
3 mins read
OKX and Crypto.com reached a major milestone on January 27 by obtaining full licenses under the European Union’s Markets in Crypto-Assets Regulation (MiCA). The Malta Financial Services Authority (MFSA) granted regulatory approval to both platforms, enhancing their operations across the European Economic Area (EEA).
We’re proud to announce that today we’ve received full approval of our MiCA license. https://t.co/ijU4pgLuhu
— Crypto.com (@cryptocom) January 27, 2025
The MiCA license empowers OKX and Crypto.com to provide regulated crypto services across the EEA. This is facilitated by MiCA’s “passporting” feature, which allows licensed entities to operate seamlessly in EU nations under a unified regulatory framework. Consequently, users in the region gain improved access to secure and reliable cryptocurrency services.
OKX aims to expand its newly licensed operations by providing diverse services such as spot trading, bot trading, and over-the-counter (OTC) crypto token transactions. The platform will adapt its website and mobile app to local languages, currency options, and regional customer support, ensuring accessibility for users in specific markets.
Similarly, Crypto.com plans to deliver a variety of cryptocurrency services tailored for European users. With its license, the company seeks to maintain a seamless and compliant experience across international borders, solidifying its presence in the EU market.
Erald Ghoos, CEO of OKX Europe, highlighted the critical role of the MiCA license as a key achievement in promoting responsible leadership within the cryptocurrency industry. He noted that the Malta Financial Services Authority is globally recognized for its robust regulatory framework.
“The MiCA regulation in the EU is particularly forward thinking as it’s harmonized across the region. Through passporting, MiCA allows us to reach more than 400 million potential customers in 30 EEA markets,” said Ghoos.
OKX now provides regulated access to over 240 crypto tokens and 260 trading pairs, including 61 euro-crypto options, under MiCA-compliant operations. Users can deposit and withdraw euros for free via bank transfers or purchase cryptocurrencies using cards and reliable payment methods.
The MiCA framework enables crypto users to explore long-term investments, trading opportunities, and tools like automated bot trading. Ghoos emphasized Europe’s vast potential as a hub for blockchain and digital assets, stating that the license establishes a solid foundation for industry growth in the region.
While some major exchanges, including Binance, have sought alternative regions due to regulatory challenges, OKX and Crypto.com have doubled down on their commitment to Europe. By embracing MiCA’s framework, the two platforms are setting a precedent for others to follow. Apart from OKX and Crypto.com, Bitpanda also secured MiCA license in Germany.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
