OKEx may have trailed Binance as the biggest exchange in the world by trade volume, but there was no stopping it from being declared best in the world in Malta. The exchange was named the crypto exchange of the year during the inaugural Malta Blockchain Awards. OKEx was fighting for the crown with the world’s largest crypto exchange by trade volume, Binance as well as BitBay, both of which have moved their operations to the island blockchain haven. The awards were held during the ongoing two-day Malta Blockchain Summit which has attracted over 5,000 participants.
The Malta Blockchain Awards recognize outstanding crypto firms and individuals who are making a name for themselves in the nascent industry. To be considered, the firm must have a strong connection to Malta. The three firms nominated for the award certainly do having moved their headquarters to the island nation this year. Binance and OKEx were originally based in China, but ultimately relocated their operations as the government cracked down on cryptocurrency. After initially testing the water in Japan and Singapore, they both settled on Malta thanks to its enabling environment. BitBay originated Poland, but after running into issues with the regulators and being denied service by the banks it moved to Malta.