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- 1 Exchanges are concerned with MiCA regulations in Europe.
- 2 OKX has an overall user base of 50 million.
Cryptocurrency Exchange OKX announced its expansion plan in France and will employ more than a hundred people nationwide. Besides OKX, several other cryptocurrency exchanges have already expressed interest in setting up their workspace in France.
The process of gaining an operation license in France will take around six months, and it is expected that OKX might start its operations by the end of November 2023.
According to OKX’s officials, the exchange plans to recruit around ten people in the coming six months and will extend this number to 100 in the coming three years.
As per the recently approved MiCA regulations, the crypto-focused organization that seeks to begin its operations within the EU must register with member states starting January 2025.
On May 20, 2023, TheCoinRepublic reported that OKX and Okcoin partnered to support an open-source developer focused on improving Bitcoin Lightning Network.
OKX’s Major Investments
OKX has made significant contributions to the crypto industry and has invested in some leading businesses to aid in their development. OKX’s significant investments include Sei Network, Arbitrum, Gitcoin, LayerZero, and Outland.
Earlier in 2022, OKX teamed with dozens of organizations and sports teams to expand its footprint in a large number of industries. OKX is an official partner of the McLaren F1 racing team, and they even use its service to take cryptocurrency payments.
Soon after the demise of FTX, Arkham Intelligence claimed that the trading arm of Sam Bankman Fried’s Almeda Research had received more than $60 million in cryptocurrencies through the OKX exchange in 16 separate transactions.
In addition to its role in the FTX issue, OKX has announced that it will be the title sponsor of the Blockchain Economy Istanbul Summit, Eurasia’s largest Blockchain conference.
The crypto exchange recently announced comprehensive API key security protection features, further enhancing user protection against external threats. It included features like auto expiry of inactive API keys, third-party whitelist, and fast API.
In addition to this, it also launched trading bot month, starting from Jan 1 to Jan 20. The competition offers rewards up to 64,000 USDT, distributed in various parts. The reveals, and the 18th round of buy-back and burn have impacted the OKT prices positively.
According to CoinMarketCap 24-hour spot trading volume of OKX is $825,689,038.66. At press time, Bitcoin’s, the leader of all digital assets, was trading at $27,315 with a 24-hour trading volume of $13,398,124,129.
CNC ranked OKX as the seventh largest cryptocurrency exchange globally regarding trading volume. The exchange has listed over 350 cryptocurrencies.
While OKX operates in around 200 countries, it is prohibited in the US.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
