OKX has announced that its Singapore branch has been granted an in-principle approval for a Major Payment Institution license by the Monetary Authority of Singapore.
According to Hong Fang, the president of OKX, this marks an important milestone in their commitment to the Singapore market and their contribution to the local crypto ecosystem.
The granted approval puts OKX one step closer to being able to provide digital payment token services in Singapore. With a monthly volume of over $75 billion in February, OKX is one of the largest cryptocurrency exchanges in the world.
Its main competitor, Binance, processed a volume of $506 billion in the same month, highlighting the strong competition in the market. In addition, OKX has recently expanded its global reach by launching a regional branch in Turkey.
