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Okcoin Gets DABA (Cryptocurrency) Licensing in Malta and the Netherlands
Okcoin is now concentrating on expanding its European presence through new hires and banking collaborations.
FREMONT, CA: Okcoin, one of the world's fastest-growing cryptocurrency platforms, has received "In Principle" clearance from the Malta Financial Services Authority as well as formal registration with the Dutch Central Bank.The two cryptocurrencies (DABA) licenses will allow Okcoin to enhance its mission to building a more inclusive future of finance by allowing European clients easy access to cryptocurrency.
"Europe is a big focus for our global growth plans, and we have added almost 25 team members in 2021 to better serve our customers in this region," said Hong Fang, CEO at Okcoin. "We're seeing an increasing trend of European Neobanks looking to provide yield on their deposits, and a PwC report highlighted that 42 perecent of global crypto hedge funds are involved in staking; our APIs and Earn product will provide them with this capability. 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."
Okcoin will be the only US-based exchange to acquire a Class 4 license, allowing cryptocurrency trading in addition to more generally available wallet cryptocurrency services, pending final clearance from the Malta Financial Services Authority. Greater banking partnerships and payment rail integrations all over Europe will be possible thanks to this registration with the Dutch Central Bank.Okcoin will adhere to industry best practices in compliance and ethics to strengthen ties between the financial and banking systems and the burgeoning crypto ecosystem.
The licenses allow Okcoin to serve consumers across Europe as a regulated exchange, allowing the company to form agreements with local banks and payment providers to further ease transactions in these regions, streamline Euro-to-cryptocurrency transmission, and reduce regulatory concerns. Since 2018, Okcoin has provided crypto-to-crypto trading to customers in the Netherlands. In addition, Okcoin registered as a crypto service provider with the Dutch Central Bank (DNB) in May 2020, offering crypto-to-fiat trading and exchange services.