Global cryptocurrency exchange OKX has announced that its Singapore subsidiary OKX SG has been granted a full Major Payments Institution (MPI) license by the Monetary Authority of Singapore (MAS).
OKX Gets Full License in Singapore, Appoints Former MAS Official as CEO
This license authorizes OKX SG to offer digital payment token services and cross-border money transfers, including spot crypto trading for Singaporean investors.
In conjunction with the acquisition of the full license, OKX SG has appointed Gracie Lin, a former MAS official, as CEO of its regional operations.
Lin brings a wealth of experience from his time at MAS, Singapore’s sovereign wealth fund GIC, and ride-hailing giant Grab. According to OKX, Lin plans to focus on developing crypto products and services tailored to the specific needs of Singaporean investors.
OKX first obtained the MPI license “in principle” from Singapore in March 2024, marking Singapore as the “priority market” for the exchange, OKX Chairman Hong Fang said.
OKX, one of the world’s leading cryptocurrency exchanges, processed over $67 billion worth of crypto transactions in August. Despite this impressive figure, it still lags behind its main rival Binance, which recorded a monthly volume of $448.45 billion.
The full licensing and strategic leadership appointment underscore OKX’s commitment to expanding its footprint in Singapore’s rapidly growing crypto market.
*This is not investment advice.
