OKX, a cryptocurrency exchange, has partnered with Standard Chartered, a banking giant, to appoint them as a third-party custodian for its institutional services. This collaboration aims to enhance OKX’s offerings by providing advanced trading capabilities, robust risk management tools, and tailored custody solutions for institutional investors. By leveraging Standard Chartered’s banking expertise and risk management framework, OKX hopes to attract more institutional investors seeking secure asset management options. The partnership is expected to improve the security and reliability of OKX’s custody solutions. A recent study commissioned by OKX revealed that 80% of traditional and crypto hedge funds utilize third-party custodians to manage their digital assets. This collaboration comes at a time when Standard Chartered has launched its crypto custody services in the UAE, a market known for its balanced approach to digital asset regulation. The Dubai Financial Services Authority has granted Standard Chartered a license to operate within the Dubai International Financial Centre, and the bank has already onboarded Brevan Howard Digital as its first client. Standard Chartered plans to expand its digital asset offerings by supporting more cryptocurrencies and exploring opportunities in other major financial hubs. In addition to this partnership, OKX has chosen Malta as its hub for Markets in Crypto-Assets compliance within the European Union. The exchange selected Malta due to its reputation for high regulatory standards and progressive approach to blockchain technology and cryptocurrencies. OKX also holds a Major Payment Institution license in Singapore, allowing them to provide a range of financial services beyond certain monetary limits. The exchange has recently launched its operations in Australia, enabling spot trading for Australian users and derivatives trading for verified wholesale clients. However, OKX has withdrawn its Virtual Asset Service Provider license application in Hong Kong, ceasing its services there.
