Cryptocurrency exchange OKX reported a 53-fold increase in trading volume across its licensed and regulated markets in 2025, attributing the surge primarily to its expansion into the United States and the European Economic Area.
The company said internal data showed daily active wallets doubled over the past year, with an average of around 190,000 new wallets being created each day on its platform.
OKX noted that decentralised exchange activity on its platform rose by 262% globally, while centralised trading volumes increased by 16% over the same period.
The exchange linked its growth to an operating strategy centred on securing licences and entering regulated jurisdictions rather than relying on offshore markets.
In Europe, OKX expanded across the European Economic Area in January after receiving approval under the European Union’s Markets in Crypto-Assets framework, commonly known as MiCA.
The MiCA regime introduced a single licensing structure that allows approved crypto service providers to passport services across all EU member states.
OKX said its entry into the US market in April coincided with several favourable regulatory developments that helped support institutional and retail participation.
These developments included the passage of the GENIUS Act, which established a federal framework for stablecoin issuance and usage in the United States.
The exchange also pointed to actions by the Office of the Comptroller of the Currency to advance the chartering of crypto-native trust banks as a supportive signal for the sector.
According to data from CoinMarketCap, OKX currently ranks fourth globally among cryptocurrency exchanges based on metrics including platform traffic, liquidity and reported trading volumes.
The company acknowledged regulatory challenges in some jurisdictions, noting that it was among several exchanges blocked in Belarus in December following restrictions imposed by the Ministry of Information.
Belarusian authorities cited alleged violations related to inappropriate advertising under the country’s Law on Mass Media when restricting access to global exchange websites.
Across Europe, several major cryptocurrency platforms have secured MiCA licences in 2025 to expand compliant operations throughout the bloc.
Bybit received authorisation from Austria’s Financial Market Authority and established Vienna as its European headquarters earlier this year.
Coinbase obtained a MiCA licence from Luxembourg and designated the country as its regional base shortly afterwards.
Kraken followed with approval from the Central Bank of Ireland, building on existing MiFID and electronic money licences.
Gemini also secured authorisation from Malta’s Financial Services Authority in August, according to regulatory filings.
In the United States, the stablecoin market has expanded rapidly since the GENIUS Act came into force in July.
Data from DefiLlama show the stablecoin sector has grown beyond $310 billion in total market value.
US dollar–backed tokens account for roughly 85% of supply, with Tether’s USDt and Circle’s USDC dominating circulation.