OKX, a leading global fintech company and crypto trading platform, opened a deposit bonus for customers across Europe. Move USDT from an unregulated exchange or wallet to OKX, convert it to USDC at 1:1 by 8 October, and receive 8% of the converted value, up to 4000 USDC.
USDT is one of the most widely held stablecoins in the world, but is not authorised under MiCA. Despite this, a large amount of USDT is still held by Europeans. Due to lack of utility of USDT in Europe, OKX wants to give holders of USDT a unique chance to get rewarded by converting their USDT to regulated USDC, by offering an 8% bonus on top of USDT that gets converted to USDC.
Several large venues have already withdrawn or announced their upcoming withdrawal from Europe due to regulatory requirements, leaving their customers no choice but to move balances elsewhere.
“A lot of people in Europe are holding USDT on a platform that’s pulling out of Europe” said Erald Ghoos, CEO of OKX Europe. “They need somewhere to move it, and we want that move to be worth making. Convert with zero fees, receive an 8% bonus, and hold the balance with a firm that’s licensed here and staying.”
“Nobody should be shocked by the exits. Licensing in Europe is complex and it costs time, money and expertise. Doing it right is a lengthy and expensive process that not every platform is able to commit to,” Ghoos added.
To qualify for the deposit bonus, customers must deposit USDT from an external exchange or wallet and convert it to USDC before 8 October. Deposits up to 50,000 USDT per customer are eligible for the bonus for a maximum of 4000 USDC. Payments are made every 14 days over 12 months once the offer closes.