Home » Ecosystem » OKX earns Singapore crypto license, names usual regulator as fresh CEO
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Sep. 2, 2024
Gracie Lin brings nearly twenty years of trip from Snatch, MAS, and GIC to manual OKX’s Singapore operations.
Key Takeaways
- OKX SG receives MPI license from MAS to give digital fee token and rotten-border cash transfer services in Singapore.
- Gracie Lin, with trip from Snatch, MAS, and GIC, appointed as CEO of OKX SG to manual strategic initiatives.
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OKX SG Pte. Ltd., a subsidiary of worldwide crypto alternate OKX, has bought a Fundamental Charge Institution (MPI) license from the Monetary Authority of Singapore (MAS), in accordance with a Sept. 2 announcement.
The license enables OKX SG to give digital fee tokens and rotten-border cash transfer services, together with draw procuring and selling of crypto for Singapore potentialities. Additionally, the corporate has appointed Gracie Lin as its CEO, who has old trip as MAS’ Deputy Director and Head of Money Markets.
Lin used to be also managing director at Snatch and vice president at GIC. She holds levels from the University of Chicago and Yale University.
“Singapore is an worldwide-class digital asset hub and a necessary marketplace for OKX. I’m inflamed to be half of the team building our presence right here. The MPI license is a necessary step in our go, and we’re extra committed than ever to enabling collect admission to to digital assets for our potentialities, and contributing to the community and ecosystem,” acknowledged Lin.
OKX SG bought its in-precept approval for an MPI License from the MAS in February 2024. The corporate is now building a team of experts to give a enhance to its plans to lend a hand local potentialities in Singapore.
Fifth supreme alternate
Primarily essentially based mostly on the “Market Fragment of Centralized Crypto Exchanges, by Procuring and selling Volume” portray by CoinGecko, OKX used to be the fifth-supreme centralized alternate in procuring and selling volume in Q2 with over $257 billion traded in this era.
Notably, the alternate managed to withhold its dominance at some level of quite lots of the first two quarters of the one year, staying above 7% excluding for June.
Moreover, OKX’s challenge arm and the Aptos Basis closed a partnership deal on Aug. 1 to foster the growth of the ecosystem.
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