This week, no less than two major crypto exchanges, Gemini and OKX, have obtained their PSAN registration. Is this further proof of the attractiveness of the French regulatory framework
OKX and Gemini are now PSAN registered
The cryptocurrency exchanges OKX and Gemini are the latest big names to obtain their registration as Service Providers for Digital Assets (PSAN). Indeed, both companies were added to the list last Tuesday by the French Financial Markets Authority (AMF).
The OKX platform has registered for the following services:
- Custody of digital assets;
- Buying/selling digital assets for legal tender;
- Exchange of digital assets for other digital assets.
This news comes as no surprise, as the exchange had formalized its application for registration last May, with the announcement of the creation of OKX France.
For its part, Gemini has registered for the same services as OKX, with the addition of “the operation of a digital asset trading platform”. This move will enable the Winklevoss brothers’ exchange to reach the French market, from which it had previously kept a distance.
For the time being, neither company has communicated on this subject on the public networks.
On the same day, the AMF approved the registration applications of Cifralfabeto and Jobchain
OKX: a fast-growing exchange
If there’s one platform that’s taking advantage of leader Binance’s temporary difficulties to gain market share, it’s OKX. And with good reason: the exchange has been growing rapidly for several months now.
In terms of assets under management, OKX ranks 3rd among centralized platforms according to DefiLlama data, with $12.68 billion, just behind Bitfinex :
Since the beginning of the year, the platform has seen the total locked value (TVL) entrusted to it increase by $2.54 billion, although these figures must be put into perspective in comparison with the rise in cryptocurrency prices over the same period.
Nevertheless, this is still the strongest increase across all platforms.
Over the past 6 months, OKX has enjoyed a similar performance, with an increase of $1.49 billion, albeit behind Binance with almost $5.28 billion more.
As the MiCA regulation approaches, we’ll be able to observe the evolution of the crypto landscape in Europe with the arrival of these companies choosing France to regulate themselves.