OKX Gains Singapore License; Onboards Former Regulator as Local CEO

OKX, one of the top crypto exchanges by trading volume, has bolstered its presence in Singapore by obtaining a Major Payment Institution (MPI) license from the city-state’s regulator. The crypto exchange also named Gracie Lin, a former regulator, as the CEO of its Singaporean unit.

OKX Is Fully Licensed in Singapore

Officially announced yesterday (Sunday), the MPI license came six months after the crypto exchange was granted in-principle approval for it. Under the new license, the Singapore unit of OKX can offer digital payment tokens and cross-border money transfer services, including cryptocurrency trading.

“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.

Although officially announced yesterday, Lin’s LinkedIn profile shows that she joined OKX in March when the exchange received its in-principle license in Singapore.

Her role involves overseeing the company's strategic initiatives, including the development of permitted digital payment token products and services designed to meet the needs of Singaporean customers.

A Former Regulator

The crypto exchange onboarded Lin from Grab, Southeast Asia’s largest ride-hailing app, which has also expanded its business into other verticals. Lin spent about six years there and left as a Managing Director of Strategy and Economics.

She is also a former regulator and started her career with the Monetary Authority of Singapore (MAS) in mid-2005 as an Associate of Banking Supervision. She was later promoted to Deputy Director and Head of Money Markets and spent about a decade with the regulator. She also worked at Stone Harbor Investment Partners, Markit, and GIC.

Finance Magnates reported earlier that OKX, along with 46 other crypto firms, has also applied for a license in Turkey. However, the crypto exchange shuttered its operations in Nigeria and India, citing local regulations, and also discontinued its license application in Hong Kong.