OKX retires ‘Okcoin’ brand in Europe amid global transition

Okcoin Europe Ltd. has announced its rebranding to OKX to align its European operations with its global brand. The world’s fourth-largest cryptocurrency exchange by trading volume has appointed Erald Ghoos as the General Manager for Europe.

The rebranding is part of OKX’s effort to unify its global presence and improve service delivery in the European market by leveraging its worldwide resources. Erald Ghoos, who previously held the position of General Manager at Okcoin Europe, will lead the European operations under the new brand name.

OKX has been active in the European cryptocurrency market under its previous name. The exchange is authorized as a crypto service provider by De Nederlandsche Bank (DNB) and licensed as a virtual financial asset service provider in Malta since 2021.

The company has launched its platform in the Netherlands in beta mode, with an official rollout expected soon. During this beta phase, OKX said it is focusing on customer feedback to enhance its services in preparation for its full launch in the Dutch market.

OKX President Hong Fang said: “Europe is home to many diverse and growing communities of crypto users, some of whom have yet to be introduced to OKX and what we stand for. Our mission over the coming months and years is to build locally, including in important markets such as the Netherlands.”

OKX Europe GM Erald Ghoos said: “We’re firmly committed to innovation and service to our European and global users. Under the globally known and respected OKX brand, we look forward to growing in the European region and continuing to hire the best local talent to support our ambitious plans.”

Earlier in March, OKX discontinued support for tether (USDT) trading pairs in the European Economic Area (EEA). This decision precedes the European Union’s (EU) adoption of the Markets in Crypto-Assets (MiCA) regulation, set to fully come into effect on December 30, 2024. MiCA will introduce tighter controls on the usage of certain stablecoins within the region.

An OKX spokesperson explained that the delisting aims to facilitate the introduction of euro on-ramps for EEA-based customers. He added that this adjustment impacts only a minor portion of the exchange’s user base. In addition to phasing out USDT pairs, OKX is expanding its offerings in the EEA by introducing various euro fiat onramps and euro pairs to cater to the needs of its regional customers.

Some EEA traders were informed about the delisting via email, which hinted at the impending regulatory changes without directly linking the decision to the MiCA regulation.

These changes are part of the bloc’s wider efforts to transition smoothly to MICA-based regulations. Countries in the European Union are gearing up to implement the recently finalized rules, which will govern digital assets and firms operating within the single market.