OKX sets up its European headquarters in Paris

Monday, May 22, 2023

The Seychelles-based exchange announced on Tuesday that it had applied to the AMF for PSAN registration.

The Seychelles-based exchange platform announced on Tuesday that it had filed with the AMF to obtain its PSAN registration.

It's a new industry giant landing in Paris. As we revealed on 11 May (read here), exchange platform OKX has set up shop in the French capital. This Tuesday, the company officially announced that it had taken up offices and filed with the Autorité des marchés financiers (AMF) its registration to become a PSAN (digital asset service provider).

"We want to accelerate in Europe and Paris is the best place to do it," explains Tim Byun, head of government relations for the platform, which does not yet have a registration in Europe. The company is in discussions with the Maltese authorities, but "Paris is definitely the priority for us", confirms Tim Byun.

OKX is considered to be one of the biggest exchange platforms on the planet. Founded in 2017, the company claims just over 50 million users worldwide, mainly in Asia, the Middle East and Europe, where it precisely wants to expand. "The European Union is an important market where there is stability and visibility thanks to the MiCA regulation," explains Tim Byun.

European headquarters in Paris

OKX set up offices in Paris in April. "The quality of the crypto ecosystem played a big part, but it wasn't the only point. The presence of many universities and a lot of talent was also a factor," explains Tim Byun.

"This decision reinforces our aspirations to become a key player in Web3 technologies. The choice of OKX testifies to the success of the policies put in place by the French government with the aim of encouraging the development of an innovative, resilient and secure crypto sector," stresses Digital Minister Jean-Noël Barrot for his part.

In just one year, Paris has attracted several industry giants such as platforms Binance and Cryptocom, as well as USDC stablecoin issuer Circle.

According to our information, OKX, which employs 3,600 people worldwide, is also planning to make Paris its European headquarters. The company will be hiring around thirty people over the next twelve months. This figure could be even higher if the markets accelerate.

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This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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