Crypto exchange OKX has appointed Gracie Lin, a former regulator with the Monetary Authority of Singapore (MAS), as the CEO of its Singapore unit. This strategic hire follows OKX Singapore’s recent acquisition of a Major Payment Institution (MPI) license from MAS, marking a significant milestone in its compliance-focused expansion.
OKX Singapore’s Regulatory Milestone
With the MPI license secured, OKX Singapore can now offer:
- Unlimited digital payment token services
- Cross-border transaction solutions
- Spot trading for cryptocurrencies
The in-principle approval was granted in March 2024, and the full license enables OKX to operate under Singapore’s stringent regulatory framework, ensuring user protection and market integrity.
👉 Discover OKX’s licensed crypto services
Gracie Lin: A Leader with Regulatory and Industry Expertise
Gracie Lin’s career spans public policy, fintech, and investment management:
- MAS Veteran: Served as Deputy Director and Head of Money Markets (2005–2015).
- Private Sector Leadership: Held VP roles at GIC and Grab, where she pioneered crypto integrations like GrabPay’s partnership with Triple-A.
“Gracie’s deep regulatory insight and tech-driven vision align perfectly with OKX’s commitment to Singapore,” the company stated.
OKX’s Global Expansion Strategy
Asia-Pacific Growth
- Australia: Launched spot trading in May 2024; derivatives available for wholesale clients.
- Singapore: MPI license solidifies its position as a compliant market leader.
European Footprint
- Netherlands: Introduced a crypto trading platform and Web3 wallet in June 2024.
- Malta: Designated as OKX’s MiCA compliance hub, leveraging Malta’s blockchain-friendly regulations.
👉 Explore OKX’s global crypto solutions
Strategic Withdrawal from Hong Kong
OKX withdrew its Hong Kong VASP license application, discontinuing local operations. No detailed reasons were provided.
FAQ
Q: What services does OKX Singapore’s MPI license allow?
A: Digital token payments, cross-border transactions, and spot crypto trading.
Q: Why is Gracie Lin’s appointment significant?
A: Her MAS background ensures compliance-first leadership for OKX’s Singapore operations.
Q: Where is OKX expanding in 2024?
A: Key markets include Australia, the Netherlands, and Malta (for EU MiCA compliance).
Q: Is OKX still operating in Hong Kong?
A: No, the company withdrew its VASP application and exited the market.