Aug 23 / 2018
Posted by: Abdelkrim Krid

OKEx inbound for Malta ahead of regulatory launch

Since announcing the creation of Malta’s Digital Innovation Authority and the upcoming regulatory framework for ICOs and blockchain technologies, many companies active in the blockchain and DLT field have announced plans of relocation to the island. Binance is the to date most prominent example.

This morning, it was announced that OKEx is also planning to set up shop on the island.

“OKEX Technology Company Limited (OKEx) is proud to announce that it will be expanding to Malta. OKEx met with Maltese government and regulatory leaders to understand their legislative and regulatory plans, and provided written feedback and engaged in open dialogue. We are confident in the Malta government’s approach and decided to make Malta a foundation for further OKEx growth,” they write in their press release.

OKEx is one of the leading digital asset exchanges providing a digital-asset-only exchange platform. The company was founded in 2013 and received in total 30 million USD in investments from VenturesLab, Ceyuan Ventures, Giant Network Group, Longling Capital, Qianhe Capital Management and eLong Inc. They serve millions of customers in over 100 countries. Their volume of BTC futures trade stands at almost 1.5 billion USD daily.

Their offer also includes token-to-token and futures-like trading. As with the case of Binance, OKEx is enticed to Malta by the new regulatory framework.

“Malta’s Virtual Financial Asset Act is a solid foundation for the industry and the government to work together in fostering the nascent blockchain/digital asset industry. More specifically, Malta’s sound risk-based approach will help cultivate a responsible, compliant, and healthy ecosystem,” says Chief Risk Officer, Tim Byun.

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