Cryptocurrency exchange OKCoin has added support for the Singapore dollar, which brings the tally of supported fiat currencies to three. The SGD joins the already installed euro and US dollar, and its addition comes as a natural progression for OKCoin, which plans to open a new office in Singapore.
The fiat-to-crypto platform said these developments also come as Singapore provides greater regulatory clarity for these companies looking to cater to the local market. Most recently, the country has passed its Payment Services Act, enabling cryptocurrency firms to apply for a license to operate and even expand their businesses worldwide.
But while Singapore has been thrashing its digital assets regulation into shape, other crypto providers had no choice but to cease operations. Just yesterday, Finance Magnates reported on crypto payment provider CoinPip shutting down its operations, indicating that it will focus on reviewing license requirements under the Singapore Payment Services Act.
“There has been a huge demand from traders throughout Singapore who are looking for a safe and reliable way to trade cryptocurrencies with the Singapore dollar, and we are proud to be entering the market in a way that fully complies with local regulations and policies,” said Hong Fang, newly appointed OKCoin CEO, who recently replaced the outgoing chief executive Tim Byun.
OKCoin expands fiat capabilities
OKCoin is already accepting US dollar, Euro deposits and withdrawals, as well as trading against Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH) and Ethereum Classic (ETC), with more trading pairs set to be supported in the future after adding the Singapore dollar.
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The exchange has also inked a partnership with Israeli-based credit card payments provider Simplex to provide deposit services for its platform in fiat currency using credit and debit cards. This collaboration allows OKCoin’s international users to make USD deposits via a debit or credit card, which effectively provides a fiat onramp for its clients around the world.
The service, however, is subject to area restrictions, with users in Europe, China, and the United States not allowed to tap into Simplex functionality.
OKCoin was one of the three major crypto exchanges in China before the authorities’ crackdown on the virtual asset industry, including a ban on ICOs in September 2017. Fleeing the hostile business environment, the exchange, along with its peers, has since shifted its operations overseas.
OKCoin International handled $33.2 million in cryptocurrency trading in the last 24 hours, according to CoinMarketCap. Its crypto-to-crypto entity, OKEx, is ranked the world’s 12th largest cryptocurrency exchange by adjusted trading volume, currently trading around $2.84 billion over a 24 hour period.