OKX Expands European Presence with Launch of Crypto Trading Platform and Wallet in Belgium

OKX, a leading cryptocurrency exchange, has officially launched its crypto trading platform and self-custodial wallet in Belgium, marking a significant step in the company’s European expansion. While the launch does not involve direct regulatory approval from Belgian authorities, OKX is offering its services through an EU-regulated entity, ensuring compliance with European regulations.

Access to a Wide Range of Crypto Services

As of November 26, Belgian users can access a range of services from OKX, including spot trading and the ability to convert over 200 cryptocurrencies, with more than 60 trading pairs available against the euro. The launch enables Belgian investors to take part in the growing cryptocurrency market with access to a variety of crypto assets.

OKX's trading platform and wallet are part of the company’s ongoing mission to broaden its presence in Europe, following successful launches in other countries like the Netherlands. The platform’s integration of advanced trading features, along with its user-friendly interface, aims to cater to both beginner and experienced cryptocurrency investors.

Services Offered Through EU-Regulated Entity

Although OKX has not received direct regulatory approval from Belgium’s authorities, the company is operating through an EU-regulated entity, Okcoin Europe, a Maltese company licensed by the Malta Financial Services Authority (MFSA) as a Virtual Financial Assets Service Provider. OKX’s General Manager for Europe, Erald Ghoos, emphasized that the company’s operations are fully compliant with EU regulations, despite not having a permanent establishment in Belgium.

“We offer our services from a regulated entity within the EU, without any permanent establishment in Belgium,” Ghoos explained. “We have no regulatory approval, only a non-rejection for our activity in Belgium.”

Seamless Euro Deposits and Withdrawals with Bancontact

In a bid to make crypto trading more accessible to Belgian customers, OKX has partnered with Bancontact, a widely used payment system in Belgium. This integration allows users to make instant, fee-free euro deposits into their OKX accounts, streamlining the trading experience for local investors.

The platform also supports Single Euro Payments Area (SEPA) transfers, enabling secure and efficient euro deposits and withdrawals across Europe. These enhancements are expected to attract more Belgian users, offering them a seamless entry point into the world of cryptocurrency.

Growing Crypto Adoption in Belgium

Belgium, with a population of 11.8 million, is witnessing increasing adoption of cryptocurrencies. According to Statista, around 25% of Belgians are currently exposed to crypto assets, with projections suggesting that this number could grow to 28% by 2028. This growing interest in cryptocurrencies presents a significant opportunity for platforms like OKX to tap into the Belgian market.

Despite the rise in crypto adoption, Belgian investors are known for their cautious approach to digital assets. They typically prioritize trust and security when making financial decisions, seeking stable investment options and being wary of the inherent risks of cryptocurrency. This conservative mindset is reflected in the country’s regulatory landscape, which has taken steps to ensure consumer protection.

New Advertising Rules to Protect Investors

In March 2024, Belgium’s Financial Services and Markets Authority (FSMA) introduced new regulations requiring all cryptocurrency advertisements to include clear warnings about the risks associated with crypto investments. Ghoos highlighted that this initiative is aimed at enhancing consumer awareness and safeguarding investors from misleading promotions.

“These measures are designed to protect investors and promote responsible crypto investments in Belgium,” Ghoos said.

OKX's Strategic European Expansion

The launch in Belgium is part of OKX’s broader strategy to expand its European footprint. Earlier this year, the platform launched its exchange in the Netherlands and, in July, revealed plans to establish its EU regulatory hub in Malta, where it already holds a Class 4 Virtual Financial Assets (VFA) Service Provider license obtained in 2021. These strategic moves underscore OKX’s commitment to strengthening its presence across Europe while adhering to the region’s regulatory standards.

Looking Ahead

With its new offerings in Belgium, OKX is poised to become a key player in the European cryptocurrency market. The integration of euro payment systems, the backing of an EU-regulated entity, and a focus on user trust and security are all factors that position OKX for long-term success in the region. As more Belgians turn to crypto investment, OKX is well-placed to meet the growing demand and continue expanding its European operations.

As the crypto market continues to evolve, OKX’s expansion into Belgium marks an exciting milestone in the company’s journey to bring accessible, secure, and innovative crypto services to a wider audience across Europe.