OKX now fully licensed in Singapore, hires former MAS official as local CEO
Quick Take
- OKX crypto exchange said its Singapore entity received the full MPI license from the local regulator.
- It has also appointed a former MAS official to lead the exchange in Singapore.
Global cryptocurrency exchange OKX announced that its Singapore entity, OKX SG, received the full Major Payment Institution license from the Monetary Authority of Singapore. It also appointed Gracie Lin, a former MAS official, as CEO of the regional arm.
The license grants OKX SG to offer digital payment token and cross-border money transfer services, including spot crypto trading for Singaporean investors, its press release said.
Lin, formerly part of MAS, sovereign wealth fund GIC and ride-hailing giant Grab, plans to focus on developing crypto products and services suited for the needs of Singaporean investors, according to OKX.
OKX received its “in-principle” MPI license from Singapore in March this year. Its president Hong Fang said at the time that Singapore is a “priority market” for the digital asset exchange.
OKX, one of the world’s largest cryptocurrency exchanges, processed over $67 billion worth of crypto in August, while Binance, its major rival, saw a monthly volume of $448.45 billion, according to data from The Block.
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