The crypto exchange OKX is tweaking its offering in Europe to comply with new EU regulations. Good for you: OKX now also accepts deposits in euros. Existing customers may need to take action.
The crypto exchange OKX is currently sending emails to its EU customers to inform them about changes. Probably the most important note: From now on, you can deposit and withdraw money in euros at OKX. SEPA bank transfers as well as credit and debit cards are supported. OKX promises to make the customer experience more convenient and easier. As far as is known, the crypto exchange is already taking a step forward to comply with the new MiCA rules for the crypto sector, which must be implemented by the EU member states by the end of the year.
At the same time, OKX is making changes that only affect existing customers. They should check online by April 18 whether their customer accounts comply with the latest identification rules or carry out an update if necessary. Otherwise their accounts may be frozen, writes OKX. Furthermore, OKX will no longer offer trading in derivatives (futures, options, etc.) in the extended EU area and will also discontinue various other offers such as lending transactions and leverage trading. Anyone who is active in this area at OKX should liquidate affected positions and claim any bonuses by April 18 at the latest. OKX’s “Earn” program, with which interest can be earned on deposits in Bitcoin and Co. will be spared from the changes.
Some confusion was caused by news that OKX was discontinuing support for the leading stablecoin Tether (UST). This made the rounds via X, but was not confirmed by OKX. The background to this is probably that Tether is still working on obtaining approval for the EU in accordance with the MiCA rules. However, this should be a formality and USDT is currently still in OKX’s portfolio.
Conclusion: OKX follows EU rules – will MiCA make the euro more important for crypto?
Just over a year ago, the EU adopted a regulatory package for the crypto industry after lengthy preparations and received praise from market participants. This is because clear rules now apply to them and their customers in the EU and the image of a crypto gray market can be shed. With the changes to its EU offerings, OKX is demonstrating what trading Bitcoin, Ethereum and other important cryptocurrencies feels like in a regulated environment. In the medium term, MiCA could also strengthen the importance of the euro for crypto trading, where the US dollar and Bitcoin (BTC) itself have been the leading currencies to date. Incidentally, OKX has been live since 2017, has been spared any scandals and is therefore one of the established crypto exchanges worth recommending.
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