In a significant move, OKX, the prominent cryptocurrency exchange, has officially launched its trading platform and self-custodial wallet in Belgium. With this expansion, Belgian users can now engage in spot trading and access over 200 cryptocurrencies, including 60 trading pairs available against the euro. This development comes as part of OKX’s strategic effort to increase its presence within the European cryptocurrency market.
OKX’s services in Belgium will be provided through an EU-regulated entity, although the exchange does not possess direct regulatory approval from Belgian authorities. In a statement, Erald Ghoos, OKX’s general manager for Europe, clarified, “We have no regulatory approval, only a non-rejection for our activity in Belgium.” This means that while they are compliant with EU regulations, operations in Belgium are somewhat limited without local licensing.
To enhance user experience, OKX has partnered with Bancontact, a well-known payment system in Belgium, allowing for seamless euro deposits and withdrawals. This partnership enables customers to deposit euros into their accounts instantly and without any transaction fees. Furthermore, OKX supports transactions using the Single Euro Payments Area (SEPA), positioning itself as a versatile platform for Belgium’s growing crypto market.
According to recent statistics, it’s estimated that approximately 25% of Belgium’s population has some exposure to cryptocurrencies, a figure poised to rise to 28% by 2028. The conservative nature of Belgian investors lends itself to a preference for secure and stable investment options, elevating platforms like OKX that promise a trustworthy trading environment. Ghoos emphasizes that the rise in crypto investment in Belgium reflects a cautious yet growing interest among residents in digital assets.
Moreover, the Belgian authorities have implemented specific mandates, requiring all cryptocurrency advertisements to include clear risk warnings, aimed at boosting consumer awareness and protecting investors from misleading promotions. This strategic move by regulatory bodies indicates a shift towards fostering a safer cryptocurrency trading environment.
OKX’s venture into Belgium follows its successful launches in other European countries, including the Netherlands and Malta, where it secured a Class 4 Virtual Financial Assets Service Provider license. This ongoing expansion reaffirms OKX’s commitment to establishing a solid European regulatory hub.
