OKX Gains Crypto License in Singapore and Names Gracie Lin as CEO

Key Takeaways

• The license permits OKX to provide digital payment token services and cross-border money transfers
• The company has also appointed Gracie Lin as the CEO of its Singapore branch,

Leading cryptocurrency exchange, OKX has announced a major expansion in Singapore by securing a Major Payment Institution (MPI) license from the city-state’s financial regulator, the Monetary Authority of Singapore (MAS).

This license, granted on September 2, 2024, permits OKX to provide digital payment token services and cross-border money transfers, including cryptocurrency trading, to customers in Singapore.

The company has also appointed Gracie Lin as the CEO of its Singapore branch, OKX SG. Lin, who joined OKX in March 2024, previously held senior roles at MAS and Grab. In her new role, she will focus on strategic initiatives and the development of digital payment products tailored for Singapore’s market. Lin expressed her enthusiasm for the role, highlighting Singapore’s status as a leading digital asset hub.

Lin’s career includes a decade at MAS, where she was Deputy Director and Head of Money Markets, as well as a stint as Managing Director of Strategy and Economics at Grab. She also has experience with GIC and other financial institutions.

OKX’s expansion in Singapore comes alongside its broader growth efforts. The exchange has applied for a license with Turkey’s Capital Markets Board and has ceased operations in Nigeria and India due to regulatory hurdles. It has also withdrawn its license application in Hong Kong.

Founded in 2017 by Star Xu, OKX is the second-largest cryptocurrency exchange by trading volume and serves over 50 million users worldwide.

The latest development comes amid the Henley Crypto Adoption Index 2024 putting Singapore first in its ranking for crypto adoption.The study claims that “through significant public interest,” the area has fostered an environment that supports the emergence of crypto. 

Furthermore, the region’s sophisticated digital infrastructure and high corporate acceptance in the tech and finance industries facilitate easier crypto use and investment by locals.Earlier this year, the MAS amended its Payment Services Act to include digital asset custody. Under the new guidance, customers’ digital assets held in trust must be segregated from the assets of the service provider.