By
Godfrey Benjamin
July 3rd, 2024
OKX sees great potential in the Dutch market due to its tech-savvy population and increasing interest in cryptocurrencies.
OKX, a prominent cryptocurrency exchange, has expanded its operations to the Netherlands with the launch of a local digital assets trading platform and wallet services for Dutch users.
According to an official announcement on June 3, the new exchange will allow users in the Netherlands to buy, sell, and trade a wide range of cryptocurrencies on its spot market. Initially, the platform will offer around 150 digital assets, including Bitcoin (BTC), Ethereum (ETH), and various stablecoins, with plans to support more in the future.
Users will also have the opportunity to trade approximately 60 different cryptocurrencies paired with the European euro, offering deep liquidity.
Additionally, they can also choose to fund their accounts through iDEAL, the country’s most popular payment system, for instant Euro fiat deposits at no additional costs.
Enhanced Security with OKX Wallet
OKX said the new exchange is complemented by its Web3 wallet, which allows users to securely store their crypto assets and access the world of decentralized finance (DeFi) economy.
Through this wallet, users can explore non-fungible tokens (NFTs) and other sectors of the emerging economy while safely storing their assets in one place. The wallet features easy asset transfers across multiple blockchains and robust security measures to protect against malicious actors.
Erald Ghoos, the general manager of OKX Europe said the expansion to the Netherlands is a “significant milestone” for the company.
“The launch of our centralized exchange and OKX Wallet in the Netherlands is a significant milestone in our long-term commitment to the country,” said Ghoos.
The company obtained regulatory approval from the Dutch central bank, De Nederlandsche Bank (DNB), to legally enter the market and serve its customers in compliance with local regulations. Previously, OKX secured a Digital Asset Service Provider (DASP) license in Malta to operate across the European market.
Why the Netherlands for OKX?
The Netherlands is known for its progressive approach to technology and innovation, making it an attractive market for crypto businesses. OKX sees great potential in the Dutch market due to its tech-savvy population and increasing interest in cryptocurrencies.
To develop its product offerings in line with market demand, OKX hired a team of local experts led by Benelux Regional Manager Roy van Krimpen. The company plans to make the Dutch market a cornerstone of its European operations.
The exchange is among the few crypto exchanges that have successfully expanded their offerings to the Dutch market this year following the country’s new crypto regime.
In March, another exchange, Bybit, expanded to the Netherlands, launching an official local platform in collaboration with SATOS, a Bitcoin-focused firm.
Meanwhile, despite the successful entry of OKX and Bybit, other companies like Binance have faced challenges in entering the country.
Binance was unable to obtain a Virtual Assets Service Provider (VASP) license to legally enter the Dutch market as a regulated exchange, due to the country’s stringent anti-money laundering rules.
As a result, the company exited the Netherlands last year in June with hopes of trying again in the future.