Another Major Cryptocurrency Exchange Plans to Relocate in Malta

Apr 13, 2018 at 8:58

OKEx, the world’s second-largest cryptocurrency exchange in terms of daily trading volume, announced that it will open an office in the island nation of Malta.

Currently, the company is among several exchanges that considered to move out of Hong Kong, a territory then known for its business-friendly climate but has recently enforced stricter stance on cryptocurrency exchanges and initial coin offerings.

“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,” Tim Byun, OKEx’ chief risk officer and head of government relations expressed in a statement.

“We look forward to working with the Malta government as it is forward thinking and shares many of our same values: the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem,” OKEx chief executive officer, Chris Lee, meanwhile explained.

It can be recalled that the exchange currently handles over $1.6 billion worth of transactions over a 24 hour period.

Last month, Binance, the largest cryptoexchange has also revealed its plans to move its operations in the Mediterranean island nation.

Meanwhile, Bitfinex, the sixth-largest cryptocurrency exchange, is also reportedly planning to move its headquarters to Switzerland.