OKX gets in-principle license approval in Singapore

Cryptocurrency exchange OKX announced today that its Singapore subsidiary has received in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore.

“Singapore is a priority market and we've been investing here for some time,” said Hong Fang, president of OKX, in a press release. “The in-principle approval from MAS is not only a validation of our commitment to date, but also an exciting opportunity for us to continue as a responsible contributor to the Singapore crypto ecosystem.”

The in-principle approval brings OKX closer to its goal of providing digital payment token services in the city-state, its press release said.

OKX, one of the world’s largest cryptocurrency exchanges, processed over $75 billion worth of crypto in February, while Binance, its major rival, saw a monthly volume of $506 billion, according to data from The Block. OKX also recently launched a regional subsidiary in Turkey, further expanding its global presence. 

The MAS has given the full license to several crypto service providers, including Blockchain.com, Circle, Coinbase and Ripple.