OKX Introduces Self-Custody Crypto Payment Card in Europe Amid Growing Competition

Crypto exchange OKX has launched a new non-custodial payment card for users across Europe, entering an already competitive market dominated by platforms such as Binance, Kraken, and Crypto.com. The card, announced on Wednesday, is positioned around self-custody, allowing users to retain control of their digital assets until a transaction is executed.

The OKX Card is linked to the company’s Smart Wallet architecture and can be used at more than 150 million Mastercard-supported merchants worldwide. It also integrates with Apple Pay and Google Pay. According to OKX, users can spend stablecoins held in their own wallets, which are automatically converted into local fiat currency at the point of sale. The exchange states that the card carries no transaction or foreign exchange fees.

“OKX Card is uniquely integrated with our Smart Wallet architecture,” said Erald Ghoos, CEO of OKX Europe, in comments to FinanceMagnates.com. He added that the product is designed to bridge self-custodied digital assets with everyday payments while maintaining a seamless in-app experience.

Although marketed as non-custodial, the payment process involves a brief custodial step, as crypto assets must pass through OKX’s infrastructure for conversion into fiat before being processed on Mastercard’s network.

The card operates under EU payment licenses and within the framework of the Markets in Crypto-Assets (MiCA) regulation. OKX also publishes monthly proof-of-reserves reports. During the initial launch period, VIP users are eligible for up to 20% crypto cashback on certain purchases, while other users can receive up to 15%. The company has not disclosed how long the promotional rates will last.

Ghoos said the card is intended as a broader ecosystem strategy rather than a direct profit driver. “By removing transaction and FX costs, we’re making it easier for users to stay active within the wider OKX ecosystem, where revenue is generated through regulated trading, earning, and financial services,” he said.

The launch comes as crypto payment cards have become a standard offering among major exchanges. Binance introduced its card in 2020, Kraken recently aligned its card rollout with MiCA compliance, and Crypto.com has partnered with Stripe to enable crypto payments for merchants while settling in fiat.

While expanding into payments, OKX is taking a cautious approach toward another trend among crypto platforms: the introduction of gold and other traditional asset products. Competitors such as Bitget and BingX have added precious metals trading, and Binance recently launched silver perpetual contracts following a sharp rally in silver prices.

“We’re watching the gold and traditional asset rally closely, but we’re not rushing into real-world assets,” Ghoos said, noting that OKX remains focused on building “institutional-grade crypto infrastructure” with an emphasis on liquidity, risk management, and regulatory compliance.

OKX obtained its MiCA license about a year ago, although regulators in Malta, where its European operations are based, previously fined the exchange $1.2 million for historical anti–money laundering shortcomings. Authorities have also examined a potential connection between OKX and the laundering of funds linked to the Bybit exchange.

Addressing concerns that tighter regulation could drive users to unregulated platforms, Ghoos argued that compliance would ultimately be a competitive advantage. “While unregulated platforms exist, we believe the long-term winners will be those who provide security, trust, and full compliance,” he said.

OKX claims to have more than 100 million users worldwide and, in October 2025, partnered with Standard Chartered, which became its custodian in the European Economic Area.