OKX Europe announced during an event in Malta that it has obtained the MiFID II license, which will allow the crypto-exchange to offer derivative products to institutional clients in Europe.
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OKX Europe and the MiFID II license to offer derivatives to institutional clients
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OKX Europe has announced that it has obtained the new MiFID II license, which will allow the crypto-exchange to offer derivative products to institutional clients in Europe.
“Derivatives on the table. We are proud to announce that we have acquired a MiFID II license in Europe. Once regulatory approval is obtained, our MiCA-licensed and localized exchange will offer derivatives to institutional clients throughout the EU.”
During the exclusive event on Manoel Island in Malta, OKX Europe announced its strategic acquisition of an entity with a Markets in Financial Instruments Directive (MiFID II) license.
This entity should become operational during the year, based on the approval of the MFSA.
If this were the case, the crypto-exchange could offer derivative products and regulated services to its institutional clients in all EU states.
OKX Europe will soon offer derivative products to EU institutional clients
While awaiting regulatory confirmations, Erald Ghoos, CEO of OKX Europe, commented as follows:
“Obtaining a MiFID II license represents an important milestone in our mission to integrate digital assets with traditional financial markets. This authorization strengthens our position in Europe, emphasizing our commitment to regulatory compliance, security, and innovation. With this license, we will be able to offer institutional-level services, collaborate with top-tier financial institutions, and offer regulated investment solutions that enhance market access and provide greater functionality to investors across the continent.”
Last month, OKX had announced to be among the first crypto operators to have obtained the MiCA (Markets in Crypto-Assets) license and Passporting rights.
From that moment, OKX can operate without having to request separate licenses in each EU member country, simplifying access to crypto services for millions of users.
The crypto-exchange is said to have chosen Malta as its European hub, from where it operates in compliance with MiCA regulations.
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The case of Aux Cayes FinTech in the USA
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Moving to the USA, instead, recently there have emerged updates on the Aux Cayes FinTech Co. Ltd case, the affiliate of OKX that reportedly closed an investigation with an agreement with the US Department of Justice (DOJ).
In practice, it seems that alleged gaps in compliance protocols were at stake, which would have allowed a limited number of US users to operate on OKX.
The total amount of revenue generated by these clients amounts to approximately 421 million dollars, largely derived from institutional clients.
In any case, to resolve the issue, Aux Cayes FinTech has agreed to pay a penalty of 84 million dollars and to forgo the earnings obtained from USA clients during the period in question.