OKX makes Singapore crypto license, names previous regulator as brand-new CEO

  • September 15, 2024
OKX makes Singapore crypto license, names previous regulator as brand-new CEO

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Home” Ecosystem” OKX makes Singapore crypto license, names previous regulator as brand-new CEO

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Gino Matos

Sep. 2, 2024

Gracie Lin brings almost 20 years of experience from Grab, MAS, and GIC to lead OKX’s Singapore operations.

Secret Takeaways

  • OKX SG gets MPI license from MAS to use digital payment token and cross-border cash transfer services in Singapore.
  • Gracie Lin, with experience from Grab, MAS, and GIC, designated as CEO of OKX SG to lead tactical efforts.

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

The license enables OKX SG to provide digital payment tokens and cross-border cash transfer services, consisting of area trading of crypto for Singapore consumers. Furthermore, the business has actually selected Gracie Lin as its CEO, who has previous experience as MAS’ Deputy Director and Head of Money Markets.

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

Singapore is a first-rate digital possession center and an essential market for OKX. I am thrilled to be part of the group structure our existence here. The MPI license is an essential action in our journey, and we are more dedicated than ever to making it possible for access to digital possessions for our clients, and adding to the neighborhood and community,” mentioned Lin.

OKX SG got its in-principle approval for an MPI License from the MAS in February 2024. The business is now developing a group of professionals to support its strategies to serve regional consumers in Singapore.

5th biggest exchange

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

Especially, the exchange handled to keep its supremacy throughout the majority of the very first 2 quarters of the year, remaining above 7% other than for June.

OKX’ s endeavor arm and the Aptos Foundation closed a collaboration offer on Aug. 1 to cultivate the development of the community.

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