The cryptocurrency exchange OKX has set its sights on Europe by filing for registration as a Digital Asset Service Provider (PSAN) with France’s financial markets regulator, the Autorité des marchés financiers (AMF). This strategic move marks a pivotal step in OKX’s broader expansion across the European market and reinforces France’s growing reputation as a hub for blockchain innovation and regulated crypto activity.
Founded in 2017, OKX has evolved into one of the world’s leading crypto platforms, serving over 50 million users globally. With this new application, OKX follows in the footsteps of major industry players like Binance and Crypto.com, both of which have already secured PSAN status in France. The filing underscores a clear trend: global crypto firms are increasingly prioritizing regulatory compliance and local integration to build trust and scale sustainably in Europe.
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Why France? A Strategic Hub for European Expansion
OKX’s decision to establish its European base in France is not coincidental. In April, the company officially launched OKX France, signaling its long-term commitment to the region. According to an official press release, this development “proves that OKX is serious about expanding its presence in Europe, positioning France as a major hub.”
France has emerged as one of the most forward-thinking jurisdictions in Europe when it comes to digital assets. Since the introduction of the PACTE law in 2019, the country has implemented a clear regulatory framework for crypto businesses through the PSAN registration system. This voluntary yet highly supervised status allows platforms to offer key services such as digital asset custody and fiat-to-crypto trading—critical functionalities for mainstream adoption.
By choosing France, OKX aligns itself with a transparent, innovation-friendly regulatory environment. It also positions the company ahead of the upcoming EU-wide Markets in Crypto-Assets (MiCA) regulation, set to take full effect in 2025. MiCA will standardize crypto rules across all member states, making early compliance a strategic advantage.
Understanding the PSAN Status and Regulatory Oversight
The PSAN (Prestataire de Services sur Actifs Numériques) designation is more than just a license—it's a seal of legitimacy. While not mandatory for all crypto activities, PSAN registration is required for platforms offering specific services in France, including:
- Custody of digital assets
- Exchange between fiat currency and cryptocurrencies
- Operation of trading platforms
To obtain PSAN status, applicants must undergo rigorous scrutiny by both the AMF and the Autorité de contrôle prudentiel et de résolution (ACPR). These institutions assess compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations—cornerstones of financial integrity.
As of now, only around 60 entities hold PSAN registration, including Binance and Coinhouse. Joining this group would place OKX among the most trusted and compliant crypto operators in Europe.
Tim Byun, OKX’s Head of International Government Relations, emphasized the company’s proactive stance:
“This application is the perfect opportunity to demonstrate OKX’s commitment to supporting new regulatory frameworks and preparing for what comes next with the adoption of MiCA across the European Union.”
Government Endorsement Signals National Ambition
OKX’s move has been welcomed at the highest levels of the French government. Jean-Noël Barrot, Minister Delegate for Digital Transition and Telecommunications, stated:
“We are delighted that OKX has chosen France to expand its operations in Europe.”
He further noted that this decision validates France’s ambition to become a key player in Web3 technologies—a vision championed since 2017 by President Emmanuel Macron and Finance Minister Bruno Le Maire. Their administration has consistently promoted blockchain innovation while maintaining strong consumer protections and financial oversight.
This public endorsement reflects a broader national strategy: attracting global fintech and blockchain leaders through balanced regulation, tax incentives, and institutional support.
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OKX’s Market Position: A Global Contender
OKX isn’t just another exchange—it’s a major force in the global crypto landscape. Despite being founded just a few years ago, OKX now ranks as the third-largest cryptocurrency exchange worldwide by trading volume, according to data from CoinGecko.
In March alone, OKX reported a monthly trading volume of **$58 billion**, capturing approximately **6.4% of the global market share**. This places it just behind South Korea’s Upbit ($64 billion, 7%) and ahead of industry veteran Coinbase—despite Coinbase having launched in 2012.
This rapid ascent highlights shifting dynamics in the crypto world. Newer platforms like OKX and Upbit are outpacing older U.S.-based exchanges due to superior technology, global reach, and aggressive product innovation—especially in derivatives, DeFi integrations, and NFT marketplaces.
With operations licensed in jurisdictions like the Bahamas and now pursuing formal recognition in Europe, OKX is building a truly international footprint grounded in compliance and scalability.
Frequently Asked Questions (FAQ)
Q: What is PSAN registration?
A: PSAN (Prestataire de Services sur Actifs Numériques) is a regulatory status granted by France’s AMF to crypto companies that meet strict requirements for consumer protection, AML/CFT compliance, and operational transparency.
Q: Why did OKX choose France for its European base?
A: France offers a clear regulatory framework, political support for blockchain innovation, and strategic access to the broader EU market—making it an ideal launchpad for compliant European expansion.
Q: Is OKX already operating in Europe?
A: Yes, OKX serves users across Europe but is now formalizing its presence by applying for PSAN status in France to offer regulated services like fiat on-ramps and asset custody.
Q: How does MiCA affect OKX’s plans?
A: MiCA (Markets in Crypto-Assets) will harmonize crypto regulations across the EU starting in 2025. By securing early compliance via PSAN, OKX gains a competitive edge ahead of full MiCA implementation.
Q: Can French users currently trade on OKX?
A: While OKX is accessible in France, obtaining PSAN status would allow it to offer enhanced services under French supervision, increasing trust and usability for local users.
Q: How does OKX compare to Binance and Coinbase?
A: OKX ranks third globally by trading volume, surpassing Coinbase in activity despite being newer. Like Binance, it focuses on global reach and innovation but is increasingly emphasizing regulatory alignment.
With strong market performance, government backing, and a clear path toward full regulatory compliance, OKX is positioning itself as a cornerstone of Europe’s emerging digital asset ecosystem. As the industry moves toward greater transparency and accountability, its choice of France reflects not just business strategy—but a shared vision for responsible innovation.
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