In a Medium post published June 4, 2019, U.S.-based cryptocurrency exchange OKCoin announced its plans to expand its business to Europe.
OKCoin Enters the European Crypto Space
As part of its vision to make digital assets accessible to everyone across the globe, exchange platform OKCoin recently announced its expansion to Europe. OKCoin users outside the U.S. can deposit and withdraw euros without incurring any fees until September 4, 2019.
OKCoin users can participate in euro spot trading for major digital currencies including bitcoin (BTC), ether (ETH), and bitcoin cash (BCH), the exchange declared. Support for more cryptocurrencies is expected to be added soon.
Further, the San Francisco-headquartered exchange has also opened a new office on the “Blockchain Island” of the European Union (EU), Malta.
The announcement adds that OKCoin’s European offshoot will feature robust trading services based on the exchange’s cutting-edge technology. These services are also compliant with the Virtual Financial Asset Act (VFAA) that comes under the purview of the Maltese financial watchdog – Malta Financial Services Authority (MFSA).
Jovan Gavrilovic, General Manager of Europe at OKCoin, expressed his enthusiasm regarding the exchange’s entry into the continent. He said:
“Europe is essential to the evolution of the cryptocurrency markets. It is home to many progressive ideas for innovating and disrupting the status quo of the global financial system while maintaining a balanced regulatory approach.”
OKCoin Looks to Conquer the Global Turf
Observing the recent strategic decisions made by OKCoin, one could conclude that the exchange is looking to expand its business footprint across the world.
In November 2018, BTCManager reported that the exchange platform had fleshed out its operations into South America by allowing traders in Argentina to trade cryptocurrencies for Argentine Pesos.
Notably, the exchange is also working closely with government institutions to help them foray into the digital currency space. As reported by BTCManager on March 14, 2018, China’s central bank was in talks with the team at OKCoin to develop a central bank digital currency (CBDC) and transition the country away from being a cash-oriented economy.