OKX earns Singapore crypto license, names former regulator as new CEO

Source: Crypto Briefing

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OKX SG Pte. Ltd., a subsidiary of global crypto exchange OKX, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), according to a Sept. 2 announcement.

The license allows OKX SG to offer digital payment tokens and cross-border money transfer services, including spot trading of crypto for Singapore customers. Additionally, the company has appointed Gracie Lin as its CEO, who has previous experience as MAS’ Deputy Director and Head of Money Markets.

Lin was also managing director at Grab and vice president at GIC. She holds degrees from the University of Chicago and Yale University.

“Singapore is a world-class digital asset hub and an important market for OKX. I am excited to be part of the team building our presence here. The MPI license is an important step in our journey, and we are more committed than ever to enabling access to digital assets for our customers, and contributing to the community and ecosystem,” stated Lin.

OKX SG received its in-principle approval for an MPI License from the MAS in February 2024. The company is now building a team of experts to support its plans to serve local customers in Singapore.

Fifth largest exchange

According to the “Market Share of Centralized Crypto Exchanges, by Trading Volume” report by CoinGecko, OKX was the fifth-largest centralized exchange in trading volume in Q2 with over $257 billion traded in this period.

Notably, the exchange managed to keep its dominance during most of the first two quarters of the year, staying above 7% except for June.

Moreover, OKX’s venture arm and the Aptos Foundation closed a partnership deal on Aug. 1 to foster the growth of the ecosystem.

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Author: Gino Matos