OKX Wins Singapore Crypto License, Appoints Former Regulator as New CEO

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OKX SG Pte. Ltd., a subsidiary of global cryptocurrency exchange OKX, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), according to a September 2 announcement.

The license enables OKX SG to offer digital payment tokens and cross-border money transfer services, including crypto spot trading for customers in Singapore. In addition, the company appointed Gracie Lin as CEO, who has previous experience as Deputy Director of MAS and Head of Money Markets.

Lin was also CEO at Grab and Vice President at GIC. She holds degrees from the University of Chicago and Yale University.

“Singapore is a world-class digital asset hub and an important market for OKX. I’m excited to be part of the team building our presence here. The MPI license is an important step in our journey, and we are more committed than ever to enabling access to digital assets for our customers and contributing to the community and ecosystem,” said Lin.

OKX SG received in-principle approval for an MPI license from MAS in February 2024. The company is now building a team of experts to support its plans to serve local customers in Singapore.

Fifth largest exchange

According to CoinGecko’s “Market Share of Centralized Cryptocurrency Exchanges by Trading Volume” report, OKX was the fifth largest centralized exchange by trading volume in Q2, with over $257 billion traded during the period .

In particular, the stock market managed to maintain its dominance for most of the first two quarters of the year, remaining above 7% except in June.

Furthermore, OKX’s venture arm and the Aptos Foundation entered into a partnership agreement on August 1 to drive ecosystem growth.

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