OKX, one of the world’s largest crypto exchanges, officially secured a Payment Institution (PI) license from the Malta Financial Services Authority (MFSA) on February 16, 2026. The move puts OKX firmly in line with two major EU regulatory frameworks – the Markets in Crypto-Assets Regulation (MiCA) and the Second Payment Services Directive (PSD2), both of which hit full enforcement in March 2026.
This isn’t just paperwork. For OKX, this PI license is a clear signal that it’s going all-in on Europe.
Why Malta? Why Now?
Malta has quietly become the regulatory hub of choice for crypto firms eyeing the EU market. It’s no accident OKX anchored its European operations there.
With this new PI license, OKX can now legally offer stablecoin-based payment services across all 28 EU and EEA member states through EU passporting rules. That’s a massive unlock. Before this, operating stablecoin payment services across different EU countries required navigating a fragmented, country-by-country compliance maze.
Under the updated PSD2, stablecoins are classified as electronic money tokens (EMTs). That classification matters because it means any exchange handling stablecoin payments must hold either a PI or an Electronic Money Institution (EMI) license, no exceptions.
OKX already holds a MiCA CASP license (secured in January 2025) and a MiFID II derivatives license (secured in March 2025). Adding this PI license completes a three-part regulatory stack. That’s rare. Most exchanges aren’t close to this level of EU compliance coverage.
OKX Europe CEO Erald Ghoos said the authorization ensures their payment products run on a “fully compliant” footing and called Europe’s approach a model for regulatory clarity in digital assets.
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What This Means for Real Users
The practical side of this PI license shows up in two products OKX launched in late January 2026 – OKX Pay and OKX Card.
OKX Card, built in partnership with Mastercard, lets users spend stablecoins like USDC and USDG at any Mastercard-accepting merchant worldwide. It handles the conversion to euros at the point of sale. Paying for coffee or groceries with crypto just got compliant and mainstream in Europe. OKX Pay targets everyday payment flows, splitting bills, merchant payments, and cross-border transfers, all settled on-chain but fully licensed.
This shifts crypto from a speculative tool to usable financial infrastructure. That’s a notable step.
The Pi Community Reaction: Excited, But Confused
Here’s where things got loud on social media. The phrase “PI license” triggered a wave of excitement inside the Pi Network community, with many supporters reading “PI” as “Pi” – as in the Pi Network cryptocurrency.
Posts on X (formerly Twitter) from accounts like @PiNetworkAlerts quickly went viral, suggesting OKX’s PI license was somehow connected to a potential Pi Network listing or integration. The Pi Army, a passionate and massive global community, jumped on it fast.
To be clear: this is a Payment Institution license. It has no confirmed connection to Pi Network, which remains in its enclosed mainnet phase with no announced exchange listings as of this writing.
Still, the reaction isn’t entirely irrational. The logic goes like this – if major exchanges are now regulated and compliant in Europe, and if Pi Network eventually opens its mainnet, compliant platforms like OKX would be better positioned to list it. That’s speculative, but it’s not completely baseless thinking.
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What the PI License Actually Covers
- Regulated stablecoin payments across the EU and EEA
- Compliance with MiCA and PSD2 simultaneously
- Infrastructure for OKX Pay and OKX Card products
- EU passporting rights from Malta to all member states
It does not confirm any specific token listing, including Pi Network.
Crypto Is Getting Serious About Compliance
OKX isn’t alone in this push. Across the board, major exchanges are racing to get licensed ahead of the MiCA March 2026 enforcement wave. Those without proper authorization risk losing access to the EU market entirely.
What OKX has done is build a full regulatory stack for Europe – trading, derivatives, and now payments. That’s a blueprint other exchanges will likely follow. Europe is no longer a territory of regulatory uncertainty. It’s becoming the most structured crypto market in the world, and exchanges are adapting fast.
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What is a PI license in crypto?
A PI (Payment Institution) license is an official regulatory authorization that allows a company to offer payment services, including stablecoin-linked transactions – under EU law. OKX secured one from Malta’s MFSA.
Is OKX’s PI license related to Pi Network?
No. The PI license stands for Payment Institution, not Pi Network. There is no confirmed link between OKX’s Malta license and the Pi Network cryptocurrency.
Why does MiCA matter for crypto exchanges?
MiCA is the EU’s unified crypto regulation framework. From March 2026, exchanges without proper authorization risk losing access to the entire EU market. Having a PI license means OKX is legally compliant for stablecoin payment operations.
What can OKX users in Europe now do with this license?
EU users can spend stablecoins via OKX Card at Mastercard merchants and use OKX Pay for everyday transactions – all under a regulated, compliant framework.
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