OKX review 2026

Yes — OKX is available in the EU, but through a separate entity. OKX Europe Ltd holds both a MiCA and a MiFID II licence from the Maltese MFSA, which is why it can offer X-Perps and synthetic stock and commodity derivatives where most licensed exchanges cannot. It scores 8.0 on cost and 7.0 on regulation in our review; product range is the weak spot at 3.0. Note the DNB fine from 2025, covered below.

ExchangeFacts verdict

OKX Europe (Malta) offers spot, X-Perps and synthetic stock and commodity derivatives under MiCA and MiFID II. The EU offering is deliberately more limited than OKX Global — X-Perps are expiry futures with a 60-month maturity rather than true perpetuals. A strong brand and monthly PoR, but a 2025 DNB fine and split accounts weigh on the experience.

Best suited for

Overview

OKX is one of the largest international crypto exchanges. OKX Europe Markets Ltd (Malta) serves European users under MiCA and MiFID II. The EU offering differs significantly from OKX Global — with lower leverage caps and X-Perps with a 60-month maturity instead of true perpetuals.

Licensing & regulation

• MiCA licence: Malta (MFSA)
• MiFID II: Malta (MFSA) — Licence OEML-15905
• Payment Institution: not known
• DNB fine: €2.25M (2025) for operating without registration

Products

Costs

• Spot maker/taker: 0.08% / 0.10% (entry, X-Perps account)
• X-Perps maker/taker: 0.02% / 0.05% (base)

Entry-tier fees are among the sharpest in the EU market and place OKX in the cheapest cost band.

Yield & capital efficiency

• Yield on collateral: limited — USDG only
• Base APY: 3.5% · Max VIP: 4.1%
• Cross collateral: selected margin mode (8 assets)
• Unified wallet: no — Funding + Trading Account split, manual transfer needed
• Interest-free quota: $20K per sub-account

Proof of Reserves

• Frequency: monthly
• Technology: zk-STARK / Merkle Tree
• Coverage: 22 coins incl. BTC, ETH, USDT, USDC
• Reserve ratio: 100-110%, 42+ monthly reports

Track record

• Operating since 2017: one of the largest exchanges worldwide by volume.
• MiCAR licence (January 2025): OKX Europe Limited obtained the licence from the Maltese regulator MFSA. Malta has been the European place of establishment since 2024; the parent company Aux Cayes Fintech is based elsewhere, so there is no question of a relocation.
• Guilty plea in the United States (February 2025): Aux Cayes Fintech, the operator of OKX, pleaded guilty to operating a money transmitting business without a licence and agreed to more than $504 million: $420.3 million in forfeiture and approximately $84.4 million in fines. According to the US prosecutors, OKX served American customers from 2018 until the beginning of 2024.
• Fine from DNB (the Dutch central bank) of €2,250,000 (May 2025): for offering crypto services in the Netherlands from July 2025 to August 2024 without the legally required registration.
• DEX aggregator suspended (March 2025): OKX temporarily suspended that service after what it itself called “a coordinated attempt by the Lazarus group” to misuse its DeFi services, shortly after the hack at Bybit. Bloomberg reported that European regulators discussed the matter; a formal investigation under MiCAR has never been confirmed.
• Money flows after the settlement: the investigative consortium ICIJ reported in November 2025 that between February and July 2025 OKX accounts received at least $226 million in tether from addresses of the Huione Group. OKX says it already had the addresses concerned under enhanced monitoring and halted all interactions afterwards.

Reviewed on 10 August 2026 · Sources: US Department of Justice ↗ · DNB on the fine ↗ · OKX on the aggregator ↗ · ICIJ on the Huione flows ↗

Pros / cons

Score breakdown in detail

Every point is traceable per methodology v1.6 (as of 23 August 2026):

Frequently asked questions