OKCoin Launches for EU-Based Traders; New Market Will be Based in Malta
OKCoin launched with new euro-based pairs, offering a fully legalized exchange in one of the more crypto-friendly regions.
OKCoin, the parent company of OKEx, is expanding in the European Union, launching euro-based trading pairs.
Initially, OKCoin will start with just three basic pairs, for Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH). The move to the European markets extends the influence of the OKEx brand, which is one of the most active exchanges, reflecting the still heightened interest surrounding digital assets in Asia.
The OKCoin market currently supports around $6.1 million’s equivalent in volumes. Those volumes include both fiat and stablecoin trading, and the euro pairs are not yet added to the statistics. OKEx, the larger market operator, carries $1.5 billion’s equivalent in daily trading.
The new OKCoin market will be based in Malta, to make use of the recent crypto-friendly regulations. OKCoin called the location “the crypto island of the European Union” in a recent blog posting.
“Our new European OKCoin affiliate will feature a tailored set of trading services and digital assets that are compliant with the Virtual Financial Asset Act (“VFAA”), regulated by the Malta Financial Services Authority. Within the Malta distributed ledger technology and digital asset framework, OKCoin will be able to list token projects and introduce diverse payment options quickly and safely to our European users,” the exchange team explained.
Binance, another leading exchange, moved away from its initial headquarters in Tokyo and into Malta, to make use of a more liberal regulatory climate.
But Malta is not the answer to all cryptocurrency troubles. In a recent series of reports to EU member states, Brussels has warned the small island country to alter its regulations, to be able to better control potential financial fraud. As reported by Malta Today, the European Commission required stronger anti-money-laundering measures, and increased staffing of economic police.
The OKCoin move reveals the fact that regulators are catching up with digital asset companies, and lax AML regulations with increased privacy are becoming rarer. The EU has cracked down on digital asset companies, including a recent raid against the Bestmixer website. In addition to seizing the domain, local law enforcement also claimed it had tracked the wallet addresses and identities of users.