OKCoin to Launch EU Trading Pairs in Malta
By Jamie Green – Crypto Specialist
OKCoin, which is OKEx’s parent company, is preparing to launch its Euro-based trading pairs as part of its European Union expansion.
OKCoin will start with only three basic pairs for users to buy and sell cryptocurrency including Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). This move will help promote the OKEx brand’s influence on the European markets, which reflects the increasing interest of digital assets in Asia.
At the moment, the OKCoin market supports equivalent to about $6.1m in volumes. These volumes consist of both stablecoin and fiat trading to buy and sell crypto with the Euro pairs yet to be added to the statistics. OKEx has about $1.5 billion dollars’ worth in daily trading.
To utilise the recent crypto-friendly regulations, OKCoin’s new market will be based in Malta. The location is regarded by OKCoin as “the crypto island of the European Union” and could be used to reach the markets to cash out Bitcoin for users.The exchange team had this to say in a recent blog post:
“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”.
OKCoin will have to operate within the Maltese distributed ledger technology and digital asset framework meaning that they may not be able to sell crypto that doesn’t pass these regulations.
Another leading exchange, by the name of Binance, followed a similar route by moving away from its original headquarters in Tokyo to Malta to opt for a more liberal regulatory climate.
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