World second largest cryptocurrency exchange OKEx released a statement on Thursday, April 12, that it will be moving its operation to Malta.
Malta recently passed regulatory legislation regarding Initial Coin Offerings (ICO), Blockchain, and cryptocurrencies, as it sets to become a cryptocurrency-friendly “Blockchain island.”
World’s largest cryptocurrency exchange by trade volume, Binance, also reported at the end of March that it was planning on opening at an office in Malta, after getting a warning from Japanese regulators. Cryptocurrency trader and Twitter personа WhalePanda took to Twitter to announce the news of OKEx’s Malta move earlier on Thursday, saying that Malta is “getting crowded.”
As part of their plan to draw Blockchain and cryptocurrency exchanges to the country, Malta released a document in February labeled, “Malta – A leader in DLT Regulation,” and they also proposed the establishment of various regulation-supporting systems, such as the Virtual Currencies Bill, and the Malta Digital Innovation Authority Bill.
After meeting with Maltese regulators about the regulatory cryptocurrency framework, OKEx said in their press release that they “trust the Malta government’s strategy and have concluded to make Malta a base for further OKEx growth.”
OKEx CEO Chris Lee said the OKEx team looks forward to operating with the Malta government as it is forward thinking and shares many of the exchange’s values.
He continued by stating that the most important of these values are compliance with AML (Anti Money Laundering) and KYC (Know Your Client) standards, the protection of traders and the general public and recognition of the innovation and significance of continued growth in the Blockchain ecosystem.
OKEx is ranked the number two crypto exchange by 24-hour trading volume on CoinMarketCap.com, currently trading about $1.6 billion over a 24-hour time-frame.