OKX Receives In-Principle License Approval in Singapore

Cryptocurrency exchange OKX announced today that its Singapore subsidiary has received in-principle approval for a primary payment institution license from the Monetary Authority of Singapore.

“Singapore is a priority market and we have been investing here for some time,” OKX President Hong Fang said in a press release. “MAS’ in-principle approval is not only validation of our commitment to date, but also an exciting opportunity for us to continue to contribute as a responsible contributor to the Singapore cryptocurrency ecosystem.”

The in-principle approval brings OKX closer to its goal of providing digital payment token services in the city-state, the press release said.

OKX, one of the world’s largest cryptocurrency exchanges, processed more than $75 billion in cryptocurrencies in February, while its main competitor, Binance, reported monthly trading volume of $506 billion. Data from The Block. OKX recently local subsidiary In Turkey, we are further expanding our global presence.

MAS has granted full licenses to several cryptocurrency service providers, including Blockchain.com, Circle, Coinbase, and Ripple.

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