OKX, a cryptocurrency exchange, has partnered with Standard Chartered, a banking giant, to appoint them as a third-party crypto custodian for its institutional services. The collaboration aims to enhance OKX’s offerings, including advanced trading capabilities, risk management tools, and custody solutions tailored 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 for managing digital assets. Standard Chartered has recently launched its crypto custody services in the UAE, where it has been granted a license by the Dubai Financial Services Authority to operate within the Dubai International Financial Centre. The new custodial service currently supports Bitcoin and Ethereum, and the bank plans to expand its digital asset offerings and explore opportunities in other major financial hubs. Additionally, OKX has chosen Malta as its hub for Markets in Crypto-Assets (MiCA) compliance in the European Union, citing the country’s high regulatory standards and progressive approach to blockchain technology and cryptocurrencies. OKX has also obtained a Major Payment Institution (MPI) license in Singapore, allowing it to provide a range of financial services beyond the monetary limits set by the country’s regulations. The exchange recently launched operations in Australia and debuted a crypto trading platform and Web3 wallet in the Netherlands. However, OKX has withdrawn its Virtual Asset Service Provider (VASP) license application in Hong Kong, leading to the cessation of its services in the region.
