Cryptocurrency exchange OKX is expanding its footprint in Europe with the launch of its trading platform and self-custodial wallet in Belgium. The move will allow Belgian users to access a wide range of cryptocurrencies and trading pairs while operating within the framework of EU regulations.
OKX’s entry into Belgium comes at a time when crypto adoption is growing in the country. Data from Statista suggests that Belgium’s crypto user penetration is estimated at 25% of the population in 2024. The penetration is expected to hit 28% by 2028.
Meanwhile, OKX’s entry does not involve direct regulatory approval from Belgian authorities. Instead, the exchange is leveraging its EU-regulated entity, Okcoin Europe, to offer its services.
“We offer our services from a regulated entity within the EU, without any permanent establishment in Belgium,” said Erald Ghoos, OKX’s general manager of Europe.
Catering to the Belgian Crypto Market
OKX’s platform in Belgium provides access to over 200 cryptocurrencies and more than 60 trading pairs against the euro.
To facilitate easy access for Belgian users, OKX has integrated with Bancontact, a popular local payment system. Using Bancontact, OKX will be able to allow seamless euro deposits and withdrawals.
Besides Bancontact, OKX also utilizes Europe’s Single Euro Payments Area to enable further transactions.
“Belgian investors are generally conservative, prioritizing trust and security in their financial decisions,” Ghoos noted. OKX aims to cater to this preference by offering a secure and regulated trading environment that complies with EU standards.
A Strategic Expansion Across Europe
The launch in Belgium is part of OKX’s broader strategy to expand its presence in Europe. Earlier this year, the exchange launched its platform in the Netherlands after obtaining due approval. Likewise, OKX plans to establish its EU regulatory hub in Malta, where it obtained its Virtual Financial Assets Service Provider license in 2021.
This strategic expansion reflects the growing importance of the European market in the global cryptocurrency ecosystem.
