Nikolas Sargeant
Crypto exchange OKX has appointed Gracie Lin, a former regulator with the Monetary Authority of Singapore (MAS), as the CEO of its Singapore unit. The announcement follows the company's recent acquisition of a Major Payment Institution (MPI) license from MAS, solidifying its position in the Singaporean market.
According to the official statement, OKX Singapore received in-principle approval for the MPI license in March, and now with the full license in hand, the firm is poised to enhance its offerings for Singaporean customers in strict compliance with local regulations. The MPI license enables OKX Singapore to provide an unlimited range of payment services, including those related to digital payment tokens and cross-border transactions, as well as spot trading of cryptocurrencies.
Gracie Lin's appointment is seen as a strategic move, bringing in a leader with deep regulatory experience. Lin served at MAS from 2005 to 2015, ultimately holding the position of deputy director, head of money markets. She also has significant experience in business management, having served as vice president at GIC and most recently leading strategy and economics at Grab, Southeast Asia’s largest ride-hailing platform. Notably, she played a key role in integrating cryptocurrency payment options within GrabPay through a partnership with Triple-A.
“Gracie is an exceptional leader with extensive expertise in public policy, investment management, capital markets, and technology startups,” said OKX in their statement. “Her leadership will be instrumental in driving our growth and commitment to the Singapore market.”
OKX Strengthens Presence Across Asia Pacific and Europe
OKX has been aggressively expanding its services across the Asia-Pacific region and Europe. In May, the exchange officially launched its operations in Australia, allowing users to engage in spot trading, with derivatives trading available for verified wholesale clients.
In June, OKX debuted a crypto trading platform and Web3 wallet in the Netherlands, further strengthening its European footprint. The company has also selected Malta as its base for Markets in Crypto-Assets (MiCA) compliance within the European Union, due to Malta’s reputation for high regulatory standards and its progressive stance on blockchain and cryptocurrency technologies.
However, OKX has decided to withdraw its application for a Virtual Asset Service Provider (VASP) license in Hong Kong, ceasing its operations there. The company has not disclosed specific reasons for this withdrawal.
