- OKX acquired MiFID II license, allowing it to expand its services across Europe, including derivatives
- Earlier this year, the exchange received pre-authorization under the MiCA framework
- The current offering includes OTC, spot, and automated trading options for more than 240 cryptocurrencies
OKX, a cryptocurrency exchange, has scored a Markets in Financial Instruments Directive II (MiFID II) license in Europe. This allows OKX to offer regulated derivatives products and services to institutional clients across the European Economic Area (EEA), pending final regulatory approvals.
MiFID II is a sweeping regulatory framework established by the European Union to oversee financial markets and improve investor protection. It sets strong standards for many financial products, including derivatives, and businesses in Europe have to follow it closely.
OKX is on a run lately, getting all kinds of authorization approvals. For instance, earlier this year in January, it became the first global crypto exchange to receive pre-authorization under the Markets in Crypto-Assets (MiCA) framework. This license enables OKX to offer localized products and services across 28 EEA markets through passporting.
While MiCA focuses on regulating crypto-assets that are not classified as financial instruments, MiFID II governs traditional financial instruments. By obtaining both, OKX is uniquely placed to bridge the gap between traditional financial markets and the growing crypto industry.
Related: After Bybit Hack, European Regulators Now Question if OKX Was Involved
OKX’s European Expansion
As of now, OKX’s European offering includes OTC, spot, and automated trading options for more than 240 cryptocurrencies, with over 300 trading pairs, including 60+ Euro-denominated pairs.
After the news, the exchange announced the plan to build and grow a community in Europe. This would be achieved by hosting local events, collaborating with influential figures, and developing brand campaigns with popular local creators and businesses.
A Big Step for Crypto Adoption
OKX snagging the MiFID II license is good news for the crypto world. With it, the exchange can now serve institutional investors looking for regulated crypto derivatives, possibly bringing more participants to the crypto market.
The ability to offer regulated derivatives across the EU is a major win for OKX, since it significantly expands the exchange’s market share and influence within the European financial world.
Related: Custodial Bank Account Key to OKX Singapore’s MPI License: OKX Singapore CEO
By meeting both MiCA and MiFID II standards, OKX potentially sets a precedent for other crypto exchanges seeking to operate within the EU, thereby emphasizing the necessity of regulatory compliance in securing market access and trust.
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