Meanwhile, Ethereum and XRP have seen declines, with ETH priced at $3,106 and XRP at $2.85, reflecting respective drops of 5% and 12% over the past week.

OKX has successfully obtained the Markets in Crypto-Assets Regulation (MiCA) license, allowing it to provide regulated crypto services across Europe.

In preparation for its European operations, OKX is customizing its platform to include local language options, currency displays, and region-specific customer support.

The exchange supports over 240 cryptocurrency tokens and 260 trading pairs, including 60 euro-based pairs, to cater to a diverse range of traders.

The pre-authorization for this license was granted on January 23, 2025, paving the way for full approval.

CEO Eric Demuth highlighted that this license will facilitate safe and easy investing for over 450 million people, presenting substantial growth opportunities.

Users can make free euro deposits and withdrawals via bank transfers and purchase cryptocurrencies using local debit and credit cards, enhancing the overall user experience.

Demuth expressed concerns that without robust enforcement of the MiCA regulations, compliant firms may find themselves at a competitive disadvantage.

He urged European lawmakers to adopt lessons from the U.S. approach to crypto regulation, which he believes is setting new industry benchmarks.

Currently, OKX ranks as the fourth largest crypto exchange by trading volume, reporting $4.9 billion in trades over the last day.

The MiCAR framework aims to create a unified regulatory environment that addresses the challenges posed by varying national regulations in the crypto sector.

On the same day as OKX's announcement, Austrian fintech platform Bitpanda also revealed its MiCA license approval, emphasizing the need for effective enforcement of the regulations.