Nikolas Sargeant
Cryptocurrency exchange OKX has obtained a Markets in Financial Instruments Directive (MiFID) II license, marking a significant expansion of its European operations. This regulatory achievement enables the platform to offer derivative products to institutional clients across the European Union.
The MiFID II approval comes shortly after OKX became the first virtual financial assets exchange to secure pre-authorization status under the Markets in Crypto-Assets (MiCA) framework, solidifying its regulatory position in Europe.
"Our MiFID II license and the MiCA license highlight our commitment to meeting the rigorous compliance standards demanded in Europe and to addressing the needs of the trading community," stated Erald Ghoos, Europe CEO of OKX, in a Thursday blog post.
Comprehensive European Trading Services
The MiFID II license represents one of Europe's most stringent regulatory frameworks for investment firms. This authorization positions OKX to serve institutional clients with advanced trading instruments while maintaining regulatory compliance.
OKX's European offering now encompasses OTC trading, spot trading, and bot and copy trading capabilities for over 240 cryptocurrency tokens. With derivatives joining this lineup, "institutional customers gain access to sophisticated and fully compliant trading products in their local market," Ghoos explained.
The exchange has also introduced fiat-based trading pairs against the euro and provides localized customer support across European markets, with multilingual versions of its app and website to enhance user accessibility.
Regulatory Clarity Amid Industry Challenges
This regulatory milestone arrives amid recent industry turmoil. Just one day before announcing its MiFID II license, OKX addressed reports of regulatory scrutiny in the EU related to the Bybit hack incident.
European Securities and Markets Authority (ESMA) officials and national regulators had reportedly discussed whether OKX's Web3 platform should fall under MiCA regulations following the $1.5 billion Bybit heist.
OKX firmly denied any wrongdoing, emphasizing that its role was limited to assisting Bybit and regulators in tracking and blocking wallet addresses connected to the stolen funds.
"We want to clarify for our community that OKX is not being investigated," the company stated on its X (formerly Twitter) account, addressing what it described as misleading media reports about its involvement in the aftermath of the security breach.
With these regulatory approvals secured, OKX appears positioned to strengthen its foothold in the European cryptocurrency market while operating within established regulatory frameworks.
