OKX, a leading cryptocurrency exchange, has secured a Major Payment Institution (MPI) license from the Singapore Monetary Authority (MAS) and appointed former MAS official Gracie Lin as the new CEO of OKX Singapore.
Appointment of Gracie Lin
OKX SG received the MPI license in March, allowing the company to offer unlimited payment services, including digital payment tokens, cross-border transfers, and spot trading of cryptocurrencies. Gracie Lin, the new CEO of OKX Singapore, commented, “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.” Lin worked at MAS from 2005 to 2015, holding the positions of deputy director and head of money markets. She later served as vice president of business management at GIC and most recently oversaw strategy and economics at Grab, the ride-hailing app giant of Southeast Asia.
OKX Expansion in Asia and Europe
OKX is expanding its operations across Asia and Europe. In May, the exchange started its Australian operations, offering spot trading and derivatives to verified clients. In June, OKX launched a crypto trading service and Web3 wallet in the Netherlands. Additionally, the company has selected Malta as the location for its MiCA compliance within the European Union.
OKX's Strategic Moves
Recently, OKX pulled out its Virtual Asset Service Provider (VASP) license application in Hong Kong and ceased its operations there. The company has not explained this move, but it is considered strategic in the long term.
The acquisition of the MPI license and the appointment of Gracie Lin are significant steps for OKX in advancing its services and expanding its presence in the global market.
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