OKX hired a new CEO for its Singapore-based subsidiary as part of its entry into the country.
Crypto exchange OKX received a Major Payment Institution (MPI) license today from the Monetary Authority of Singapore (MAS). This move will allow the exchange to offer crypto trading services and digital payment experiences to Singapore-based investors.
Entering the Singapore financial market doubles down on OKX’s decision to bolster cross-border crypto transactions.
OKX Hires New CEO
Upon receiving operational recognition, the popular crypto exchange also announced that it had onboarded Gracie Lin as CEO of OKX Singapore (SG).
The new CEO will bring to bear her expertise from years of experience as a former Fintech Manager at Grab, where she led the Regional Strategic and Economic team.
The recent development marks a significant milestone in the history of OKX SG and the CEO’s career, Lin said:
This next chapter presents an incredible opportunity for personal growth and contribution. I’m psyched to work with the talented and passionate team at OKX to bring the potential of blockchain to life.
OKX Exits Nigeria
It is worth noting that while OKX received local operational approval in Singapore, it recently exited the Nigerian crypto market due to adjustments in local laws concerning crypto regulations.
OKX users in Nigeria were advised to halt Peer-to-Peer trading and withdraw their assets from Grow products, margin, future, and option positions. This step came after the African country tightened its stringent crypto stance. Earlier this year, the Nigerian law authorities detained top executives from Binance, the leading crypto exchange, over claims that Binance aided in crippling the country’s sovereign currency, naira.
Although the country’s financial regulator recently endorsed two crypto exchanges, it remains unclear how free local investors are to explore the crypto market.
Entering the Singapore financial market will likely enable the crypto exchange to rekindle its lost user base from exiting Nigeria.