OKX SG Receives Major Payment Institution License

Global cryptocurrency exchange OKX announced that its Singapore entity, OKX SG, has received the full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The exchange appointed Gracie Lin, a former MAS official, as the CEO of the regional arm.

The MPI license allows OKX SG to offer digital payment tokens and cross-border money transfer services, including spot crypto trading for Singaporean investors, according to a press release.

Gracie Lin, who has experience with MAS, sovereign wealth fund GIC, and ride-hailing giant Grab, plans to focus on developing crypto products and services specifically for Singaporean investors.

OKX initially received its “in-principle” MPI license from Singapore in March of this year. The company’s president, Hong Fang, stated at that time that Singapore is a “priority market” for the digital asset exchange.

As one of the world’s largest cryptocurrency exchanges, OKX processed over $67 billion worth of crypto in August, while its major rival, Binance, had a monthly volume of $448.45 billion, according to data from The Block.