OKX Enables Instant Singapore Dollar Deposits and Withdrawals for Local Users

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

November 18, 2024

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Crypto exchange OKX said Monday that it would launch instant deposits and withdrawals in Singapore dollars, aiming to align more closely with the city-state’s financial infrastructure amid growing crypto adoption and trading activity.

PayNow and Fast and Secure Transfers (FAST) payment services will enable this functionality. DBS, Southeast Asia’s largest bank by assets, will facilitate the process, OKX said.

The exchange clarified that Singapore-based OKX customers can now directly transfer SGD into their accounts, as long as they hold an account with a bank in the PayNow network.

Further, the team at OKX SG has rolled out Singpass verification, making it easier for customers to get onboarded, with the entire process now taking under than a minute.

Singpass, which is Singapore’s platform for digital identity, offers a straightforward method for individuals to verify who they are, granting them access to various services from both government bodies and private companies.

OKX Taps Ex-MAS Official Gracie Lin as Singapore Entity CEO

In September, OKX named Gracie Lin, a former Monetary Authority of Singapore (MAS) official, as the CEO of its Singapore operations. At the same time, the company obtained an MPI license from MAS, allowing OKX SG to offer digital payment token services and support cross-border money transfers within Singapore. This followed the preliminary approval for the license granted in March.

As of now, 29 entities, including Blockchain.com, Circle, and Coinbase, have secured full licenses to operate in Singapore.

Crypto Market Surges to $3.09T

OKX has broadened its footprint, with notable expansions in the Asia-Pacific region and Europe. In May, it commenced operations in Australia, where it made spot trading available to all users and derivatives trading accessible to verified wholesale clients. Following this, in June, OKX introduced a crypto trading platform and a Web3 wallet in the Netherlands.

Bitcoin soared to a record high above $93k last week, reigniting excitement in the crypto market. By Monday, the total market capitalization climbed to a new peak of $3.09 trillion, driven in part by the strong performance of altcoins.

Over the weekend, the Cryptocurrency Fear and Greed Index hit 90, one of its highest levels since late 2020 and early 2021. However, by Monday, the index had fallen slightly to 83, still reflecting extreme greed.