As an analyst with extensive experience in the financial sector, I am particularly impressed by OKX SG’s strategic moves, especially their decision to appoint Gracie Lin as CEO of their Singapore arm. Her extensive background at MAS and her subsequent roles at GIC, Grab, and now OKX, make her an ideal fit for this role.
In simple terms, OKX Singapore, the local branch of international cryptocurrency exchange OKX, has been granted a comprehensive Major Payment Institution license by the Monetary Authority of Singapore. Additionally, they have appointed Gracie Lin, a previous MAS official, as the new CEO for OKX Singapore.
As an analyst, I’m sharing that in March, we secured a Multi-Party Interface (MPI) license, granted as an initial approval. This license expands our capabilities to provide a wide range of payment services, such as dealing with digital payment tokens, facilitating cross-border transfers, and offering spot trading for cryptocurrencies, without any limitations.
“Gracie Lin, CEO of OKX SG, stated that obtaining the MPI (Multi-Payment Institution) license represents a significant milestone on our path. More than ever, we are dedicated to facilitating access to digital assets for our clients, as well as supporting the community and ecosystem.”
In a significant move, the leadership team at OKX has chosen Gracie Lin for an important position within their organization. Prior to this role, she served at MAS from 2005 until 2015, where she held the title of deputy director and led the money markets department.
Additionally, it’s worth noting that Lin held the position of Vice President for Business Management at GIC, and more recently, she managed the strategic and economic aspects at Grab, a prominent ride-sharing company based in Southeast Asia.
At present, OKX is broadening its reach not only in Asia but also in Europe. It commenced its business in Australia back in May, and it’s now offering both spot trading and derivative services to verified users.
In June, they initiated a cryptocurrency trading platform and a Web3 digital wallet in the Netherlands. Additionally, OKX decided to establish its MiCA compliance within the European Union in Malta.
Nevertheless, OKX has recently withdrawn its application for a Virtual Asset Service Provider (VASP) license in Hong Kong and ceased its activities there. The reasons behind this decision remain unclear, but it appears to be part of a broader, strategic plan for the company’s future.
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2024-09-02 09:40