Crypto Exchange Okx Europe has acquired a Malta-Licensed Company with a Market of Directive II (MiFID II) License (MiFID II), which brings it one step closer to offering regulated derivatives products across Europe, the company said in a statement on Wednesday.

The unit is expected to be operational later in the year when the Exchange is first receiving approval from the Malta Financial Services Authority (MFSA). The exchange did not say which company it acquired.

With its MiFID II license, OKX will be able to deliver regulated derivatives and services to its institutional clients in the European economic area, which includes 27 EU member states as well as Iceland, Liechtenstein and Norway.

This is another step that solidifies the third largest exchange in terms of market capital in the EU, the release says. It achieved a markets in Crypto Assets license from Malta in January.

Read more: A trade ensures regulatory approval from Dutch regulator to offer cryptoderivatives acting in Europe