OKX Singapore Secures MPI License and Onboards Ex-MAS Regulator as CEO

Highlights:

• OKX Singapore secures a full MPI license from Singapore’s regulatory authority.
• Gracie Lin appointed CEO, bringing extensive regulatory experience.
• OKX focuses on expanding its services to Asia-Pacific and Europe.

On September 2, crypto exchange OKX revealed that its Singapore entity, OKX SG, has secured the full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The company also appointed Gracie Lin, a former MAS official, as the CEO of its Singapore division.

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According to the press release, the license allows OKX SG to offer digital payment token services and cross-border money transfer services, including spot cryptocurrency trading for Singaporean investors. In addition, Lim’s onboarding brings “the right leadership on the ground” with her vast experience in regulations. 

We're taking crypto to the heart of financial markets and mainstream adoption: Singapore 🇸🇬

We've received our Major Payment Institution (MPI) License from the MAS, allowing us to offer digital payment tokens and cross-border money transfer services.

To lead our charter in… pic.twitter.com/33y3fXM4S4

— OKX (@okx) September 2, 2024

OKX obtained its “in-principle” MPI license from Singapore in March of this year. The exchange’s president, Hong Fang, stated that Singapore is a “priority market” for OKX. With these announcements, OKX aims to expand its product suite for Singaporean customers while adhering to local regulations.

Gracie Lim’s Extensive Experience and New Role at OKX SG

Lim served at the MAS from 2005 to 2015, reaching the position of deputy director and head of money markets. She also worked as Vice President of Business Management at sovereign wealth fund GIC. Most recently, Lim led strategy and economics at Grab, Southeast Asia’s largest ride-hailing app. In March, Grab partnered with payment firm Triple-A to integrate the option of topping up GrabPay e-wallets with cryptocurrencies.

OKX noted:

“Gracie is an extraordinary leader with broad and relevant experience in public policy, investment management, capital markets and tech startups. We’re fortunate to have her at the helm, driving our growth and investment in the market.”

In a blog post, Lin reflected on her upbringing in Singapore and her ongoing desire to make a difference. She mentioned that her previous roles at MAS, GIC, and Grab provided her with valuable opportunities. Lin believed OKX SG offers an ideal platform to expand her contributions further.

Lin mentioned that she has embraced this challenge due to her belief that crypto represents the next frontier of innovation, with Singapore playing a crucial role in its adoption. She expressed confidence that the team is well-positioned to connect Singaporean customers with the onchain world in a secure and seamless manner.

OKX Expands Services Across Asia-Pacific and Europe

The exchange has recently broadened its services, with a particular focus on the Asia-Pacific region and Europe. For example, in May, OKX officially launched its operations in Australia, allowing spot trading for all Australian users and derivatives trading for verified wholesale clients in the country.

In June, the company launched a crypto trading platform and Web3 wallet in the Netherlands. Moreover, OKX has chosen Malta as its hub for Markets in Crypto-Assets (MiCA) compliance in the European Union. Malta is known for its high regulatory standards and progressive approach to blockchain technology and cryptocurrencies.

In May, OKX withdrew its application for a virtual-asset trading platform license (VATP) in Hong Kong, joining Gate.HK and Huobi in this move. OKX did not provide a specific reason for the withdrawal. “After careful consideration of our business strategy, we’ve decided to withdraw OKX HK’s VASP license application at this time,” the exchange said.

BREAKING: OKX Withdraws VASP License Application in Hong Kong

OKX, the second largest offshore exchange after Binance, has announced the withdrawal of OKX HK's Virtual Asset Service Provider (VASP) license application. As a result, OKX will cease providing services to Hong Kong…

— Kyle Chassé (@kyle_chasse) May 24, 2024

Founded by Star Xu in 2017, OKX is claimed to be the world’s second-largest crypto exchange by trading volume, with over 50 million users globally. The exchange is owned by Ok Group, which also operates the crypto exchange Okcoin. OKX handled over $67 billion in crypto transactions in August. According to data, its major rival, Binance, recorded a monthly trading volume of $448.45 billion.

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