OKX expands to the Netherlands with new crypto exchange and wallet

Previously known as Okcoin Europe, OKX began serving users in the Netherlands in 2021 after registering with the Dutch central bank.

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OKX Extends to Netherlands Offering Crypto Wallet and Exchange

OKX, a global cryptocurrency exchange platform, hasannounced the launch of its services in the Netherlands. Dutch customers nowhave access to spot trading, including buying and selling cryptocurrencies,along with conversion services for over 150 digital assets, including more than60 crypto-Euro pairs.

Additionally, the OKX Wallet is available to Dutchcustomers, providing a gateway to the Web3 world and allowing them to have fullcustody of their crypto assets.

Instant Euro Transactions

Integration with iDEAL, the online payment system in theNetherlands, enables customers to withdraw and deposit Euro funds to their OKXaccounts instantly and free of charge. Furthermore, deposits and withdrawalsthrough the Single Euro Payments Area are also available at no cost.

The Netherlands boasts a vibrant community of cryptoenthusiasts, ranging from newcomers to seasoned traders and long-terminvestors. Known for their early adoption of technology, the Dutch activelyparticipate in the crypto and Web3 communities.

Today, we're officially launching our crypto exchange and #OKX Wallet in the NetherlandsDutch customers can access spot (buy & sell) trading, as well as convert services, for over 150 cryptocurrencies including more than 60 crypto-Euro pairs through our OKX exchange platform. https://t.co/NTcArR5AM0

Meanwhile, OKXhas withdrawn its application for a license to offer virtual asset servicesin Hong Kong, as Finance Magnatesreported. The firm will discontinue centralized virtual asset trading servicesfor Hong Kong residents as of May 31, 2024, according to its website.

Presence in Netherlands with Compliance Measures

The country's reputation for a knowledge-based economy,technological innovation, and investment landscape, coupled with world-classdesign thinking, makes it an attractive market for OKX.

The company plans toexpand its local team led by Benelux Regional Manager Roy van Krimpen, with afocus on hiring top talent to ensure sustainable growth and close engagementwith the community.

The company holds a crypto service provider registrationwith De Nederlandsche Bank for its centralized exchange platform servicesin Europe, along with a virtual financial asset service provider license inMalta.

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Crypto.com registers in the Netherlands, cleared to advertise services

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The post Crypto.com registers in the Netherlands, cleared to advertise services appeared first on Crypto Breaking News.

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Crypto.com Obtains License to Offer Services in the Netherlands

Crypto.com has been licensed in the Netherlands to provide cryptocurrency services; the exchange said in a statement today (Friday). The license was awarded by the Dutch central bank (DNB) after the company met the requirements of the law passed to prevent money laundering and terrorism financing.

Crypto.com Expands Operations

The Netherlands is the latest country in Europe to license the Singapore-based cryptocurrency exchange. The company was awarded a Digital Asset Service Provider (DASP) license in France, while in the UK, it operates on a crypto asset business license. Additionally, the exchange is regulated in Italy, Greece, Cyprus, Spain, South Korea, and Australia.

Commenting about the licensing, Kris Marszalek, the CEO of Crypto.com, said: "Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com. This approval from the central bank of the Netherlands is a significant milestone for our business and the latest testament to our commitment to compliance."

The Dutch central bank has since registered 36 cryptocurrency firms, including Coinbase, eToro, and Bitstamp. Although the number is expected to increase, the Dutch regulator maintains a tough regulatory stance concerning crypto trading in the country.

The Netherlands Regulates Crypto

DNB has in the past fined major cryptocurrency exchanges, including Binance and Coinbase, millions of euros for allegedly operating in the country without a license. Binance announced in June that it was leaving the Netherlands after failing to obtain a virtual asset service provider (VASP) license.

Laura van Geest, the Chair of the Executive Board of the Dutch Authority for the Financial Markets (AFM), said in May that digital assets were vulnerable to deception and fraud. She added that according to a survey by the AFM, the number of cryptocurrency traders in the Netherlands was less than 2 million, and most traders invested 1,000 euros and rarely used borrowed money.

Cryptocurrency exchanges have recently been racing to obtain licenses in Europe after the EU passed the Markets in Crypto-Assets Regulation (MiCA), a set of regulations considered the most comprehensive in the sector. The MiCA aims to protect investors of digital assets, promote environmental sustainability, and prevent money laundering.

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Crypto.com Approved to Register & Operate in the Netherlands

The company will be permitted to supply crypto wallets and enable fiat currency processing in the region. 

Continue reading at DailyCoin.

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Coinbase Europe Fined $3.6M for Severe Non-Compliance

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Continue reading Coinbase Europe Fined $3.6M for Severe Non-Compliance at DailyCoin.

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First Binance and Now Coinbase Have Both Been Fined $3.3m in Netherlands

<p>The leading digital assets <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6" target="_blank">exchange</a> Coinbase has been slapped with a hefty $3.3 million fine by the Dutch central bank, De Nederlandsche Bank (DNB). A fine of an identical amount was paid a few months earlier by its rival platform <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance</a>.</p><p>According to the DNB's press release, the fine was imposed due to unauthorized crypto activities at the Coinbase exchange, from November 2020 until at least 24 August 2022.</p><p>Coinbase Europe Limited Fined by DNB</p><p>The Coinbase European subsidiary, Coinbase Europe Limited, has been operating unregistered in the Netherlands since at least November 2020. Earlier in May of the same year, the DNB imposed a registration requirement on all cryptocurrency service providers due to the high risk of money laundering and terrorist financing. </p><p>The base fine for a violation committed by Coinbase is €2 million, but it was increased due to the fact that Coinbase is one of the largest cryptocurrency exchanges in the world and has a large number of consumers in the Netherlands. </p><p>"In addition, Coinbase has enjoyed a competitive advantage in that it has not paid any supervisory fees to DNB or incurred other costs in connection with DNB's regular supervision activities. A further important reason for the increased fine is that the non-compliance persisted over a prolonged period," DNB stated.</p><p>The decision to impose the fine was made on 18 January, but the official announcement was not released to the media until 26 January.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">DNB imposes administrative fine on Coinbase Europe Limited for providing crypto services without the legally required registration until 22 September 2022. <a href="https://t.co/wEjAez6GDs">https://t.co/wEjAez6GDs</a> <a href="https://t.co/cDzXxKRqq4">pic.twitter.com/cDzXxKRqq4</a></p>— De Nederlandsche Bank (@DNB_NL) <a href="https://twitter.com/DNB_NL/status/1618523195161858049?ref_src=twsrc%5Etfw">January 26, 2023</a></blockquote><p>Binance Paid a Similar Fine in July</p><p>The Dutch regulator <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-fined-33-million-by-dutch-central-bank/" target="_blank" rel="follow">imposed an identical fine on Binance last July</a>. Binance was required to pay a penalty of €3.3 million for offering local investors access to cryptocurrency services without proper regulation.</p><p>DNB's explanation at the time was very similar: Binance is a large exchange with a sizable customer base, which used a competitive advantage in failing to comply with local regulations. The Dutch regulator pointed to the anonymity of cryptocurrencies, which can become a tool for <a href="https://www.financemagnates.com/terms/m/money-laundering/" class="terms__secondary-term" id="f30ffb65-351e-44d6-9dae-0714f08b59b2" target="_blank">money laundering</a> without proper oversight.</p><p>"The registration requirement for crypto service providers was introduced on 21 May 2020 because of the high risk of money laundering and terrorist financing associated with crypto services. This is related to the anonymity associated with crypto transactions. The registration requirement enables DNB to monitor the risk of illicit financial flows more effectively," the regulator explained.</p><p>Almost a year earlier, the DNB had issued a public warning against Binance for unauthorized activity. <a href="https://www.financemagnates.com/cryptocurrency/news/the-fcas-binance-warning-what-does-this-meaning-for-uk-crypto-regulation/" target="_blank" rel="follow">Several other regulators have published similar notices.</a></p><p>Watch the recent FMLS 2022 Executive Interview with Lory Kehoe, the Director of EMEA Business Development at Coinbase.</p><p>Coinbase Faces Crypto Winter Troubles</p><p>The fine imposed on Coinbase adds to the recent problems the platform has faced. At a time when <a href="https://www.financemagnates.com/cryptocurrency/binance-hires-when-coinbase-cuts-employment-amidst-crypto-winter/" target="_blank" rel="follow">rival Binance is increasing its headcount</a>, Coinbase has decided to shed its workforce in the face of a prolonged cryptocurrency winter.</p><p>Due to the staff cuts, the platform <a href="https://www.financemagnates.com/cryptocurrency/coinbase-stops-operations-in-japan-due-to-market-volatility/" target="_blank" rel="follow">has decided to suspend its operations in the Japanese market</a>. All local customers must withdraw their funds and transfer them to another platform until 16 February 2023.</p><p>"Due to market conditions, our company has made the difficult decision to halt operations in Japan and to conduct a complete review of our business in the country. However, we are committed to making this transition as smooth as possible for our valued customers," Coinbase wrote in a blog post.</p><p>Many other cryptocurrency exchanges have reported job cuts in the period. <a href="https://www.financemagnates.com/cryptocurrency/crypto-platform-luno-sheds-35-of-workforce/" target="_blank" rel="follow">Luno announced a similar decision this week</a>, reducing its workforce by 35%. Earlier, a potential reduction was announced by Crypto.com, looking to lay off up to 20% of current employees.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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