OKX Obtains In-principle Approval in Singapore

OKX’s Singapore-based subsidiary has obtained preliminary approval for a payments license from the Monetary Authority of Singapore, the company announced on Wednesday.

This license will enable OKX to offer digital payment token and cross-border money transfer services in Singapore, which has become a hub for cryptocurrency activity in Asia.

According to OKX President Hong Fang, Singapore is a key market for their business. This development comes amid a surge in the crypto market, with Bitcoin reaching record highs and increased investor interest in U.S. spot exchange-traded crypto products.

In addition to this Singapore approval, OKX was granted a regulatory license in Dubai in January, allowing them to serve retail clients with crypto services.