As an experienced financial analyst, I see OKX’s expansion into the Netherlands as a strategic move that could potentially help the crypto exchange gain market share in the wake of Binance’s exit from the country. OKX’s offerings, which include a centralized crypto exchange and a Web3 wallet with Euro deposits and withdrawals, are likely to appeal to Dutch customers who were previously using Binance or seeking alternatives.
On Monday, OKX, the third-largest cryptocurrency exchange challenging Binance, announced its expansion into the Netherlands. Starting now, OKX will provide Dutch residents with crypto trading and Web3 wallet services, enabling them to deal in more than 150 different digital currencies.
As a market analyst, I would express it this way: With Binance no longer serving the Dutch market, OKX stands to gain a significant portion of the customer base that Binance previously held. To attract new users, OKX has introduced an enticing welcome bonus of 50 Euros for those who sign up before July 3rd.
OKX Expands to the Netherlands
Based on a statement issued on June 3rd, OKX has commenced operations for its centralized cryptocurrency exchange and OKX Wallet in the Netherlands.
In the Netherlands, OKX empowers Dutch customers to engage in instant buying and selling of over 150 cryptocurrencies, as well as convert services for more than 60 crypto-Euro pairs. Furthermore, OKX provides Euro deposits and withdrawals and incorporates Web3 features through the OKX Wallet.
As a proud member of the OKX team, I’m thrilled to announce another significant achievement for us. We remain committed to truly grasping the needs of our crypto investing community and continuously enhancing our platform based on their valuable feedback.
— Star (@star_okx) June 3, 2024
With a Web3 wallet from OKX, customers have complete control over their cryptocurrencies’ management. Moreover, OKX supports iDEAL, the Dutch online payment system, enabling users to instantly fund their accounts at no cost. Additionally, deposits and withdrawals through the Single Euro Payments Area (SEPA) are also free of charge.
Our European team, headed by Regional Manager Roy van Krimpen based in Benelux, has been locally recruited and their insights have significantly influenced the development of our product. According to OKX Europe General Manager Erald Ghoos.
Binance’s Exit From the Netherlands
According to a report from CoinGape, Binance, the leading cryptocurrency exchange globally, stopped serving the Dutch market in June of the previous year due to their inability to fulfill the necessary registration prerequisites for functioning as a Virtual Asset Service Provider (VASP) within the Netherlands.
After Binance withdrew from the Dutch crypto market, numerous other platforms seized the opportunity to become leading players. Nevertheless, Binance remained actively engaged with regulatory bodies.
In May, Binance played a pivotal role in unmasking a €30 million online swindle linked to ZKasino with the Dutch law enforcement. “Binance takes pride in assisting Dutch authorities in their probe into the gambling exit scam. Our Investigations unit spearheaded the successful retrieval of millions of euros.”
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2024-06-03 13:46