Crypto exchange OKX reported a remarkable 53-fold increase in trading volume on its licensed platforms in 2025, primarily due to its recent expansion into the United States and the European Economic Area.
According to the exchange’s internal metrics, the daily active wallets on the platform doubled over the last year, averaging about 190,000 new wallets created each day. Additionally, the volume for decentralized trading on OKX grew by 262% internationally, while centralized trading rose by 16% during the same timeframe.
The company attributes its growth to a model focused on providing access to regulated markets. In January, OKX extended its reach within the European Economic Area after obtaining a license under the EU’s Markets in Crypto-Assets (MiCA) framework.
OKX’s entry into the US market in April was also marked by several favorable regulatory changes, including the passage of the GENIUS Act and the Office of the Comptroller of the Currency’s initiative to form crypto-native trust banks.
Data from CoinMarketCap ranks OKX as the fourth-largest cryptocurrency exchange globally, considering factors like platform traffic, liquidity, reported trading volumes, and the authenticity of those volumes.
In December, the exchange was among those that faced restrictions in Belarus after the Ministry of Information cited violations of “inappropriate advertising” as outlined in the country’s Law on Mass Media.
Top Exchanges Secure Licensing in Europe
The MiCA legislation established a unified licensing model for crypto service providers throughout the European bloc, effective December 2024. Since the implementation, several prominent platforms have acquired approvals enabling them to operate across the European Economic Area.
Recently, Bybit received authorization from Austria’s Financial Market Authority, marking Vienna as its European headquarters, and Coinbase obtained a MiCA license from Luxembourg shortly after, positioning it as its regional base.
Furthermore, Kraken has been granted a license from the Central Bank of Ireland, building on previous MiFID and electronic money licenses. Gemini also secured a license from Malta’s Financial Services Authority in August, according to regulatory documents.
In the U.S., the enactment of the GENIUS Act in July created a federal framework for stablecoin issuance and usage. Since then, the stablecoin market has soared past $310 billion, with Tether’s USDt (USDT) and Circle’s USDC making up approximately 85% of the total supply, based on DefiLlama data.
Stablecoin market cap. Source: DefiLlama.
