Global cryptocurrency exchange OKX has achieved a major milestone by obtaining the full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) for its Singaporean entity, OKX SG. The license allows OKX SG to provide digital payment token services, cross-border money transfers, and spot crypto trading to Singaporean investors.
In addition, OKX has appointed Gracie Lin, a former MAS official, as the new CEO of OKX SG. Lin brings a wealth of experience from her previous roles at MAS, sovereign wealth fund GIC, and ride-hailing company Grab. Her focus will be on tailoring crypto products and services to meet the needs of Singaporean investors.
OKX initially received an “in-principle” MPI license from Singapore in March this year. OKX President Hong Fang has emphasized Singapore’s importance as a key market for the digital asset exchange.
As one of the largest cryptocurrency exchanges globally, OKX processed over $67 billion in crypto transactions in August. This figure contrasts with Binance, OKX’s major competitor, which reported a monthly trading volume of $448.45 billion, according to data from The Block.
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