OKX Founder Confirms New Authorization in Europe

OKX, a leading cryptocurrency exchange, has continued to push for wider expansion across the global space, providing services that extend beyond crypto trading.

In a recent post shared by its founder, Star Xu, on Wednesday, July 8, the founder confirmed a new regulatory authorization that allows it to expand its services in Europe.

OKX to operate under MiFID framework

In his recent statement, Xu revealed that OKX will begin to offer crypto, commodity, and equity derivatives under the European MiFID framework.

While this marks a major milestone for the fast-growing cryptocurrency exchange, the move further strengthens its presence in Europe, while positioning it as a top player in the region's digital asset market.

Notably, Xu explained that the new authorization allows OKX to provide a larger suite of financial products for its European users while strictly operating under the European Union's Markets in Financial Instruments Directive (MiFID) regulatory framework.

Although Xu did not explicitly discuss how the move came about, the development confirms the receipt of an official authorization from the regulator.

Nonetheless, the move will allow users in Europe to enjoy exclusive access to regulated derivatives that cover crypto, commodities, and equities via a single platform.

OKX unveils new money app in Europe

In addition to its plan to offer regulated derivatives in Europe, the Binance rival has also continued to push for its consumer-facing services in Europe.

The exchange encouraged users to switch to its "New Money App," which it has built to serve as a modern alternative for managing digital assets.

With these developments in place, it appears that OKX is looking to expand its presence and user base, particularly in the European region.