Crypto: OKX Granted License in Singapore, Crypto.com Faces Heavy Fine in Netherlands

By John Lopez

Mar 13, 2024 02:25 PM EDT

In the latest developments, OKX, a leading crypto exchange, has achieved a significant milestone by securing a digital payment license approval in Singapore, while Crypto.com faces hefty penalties from the Dutch Central Bank for operating without proper registration.

OKX secures digital payment license in Singapore, advancing its crypto services, while Crypto.com faces €2.85 million penalty from Dutch Central Bank for unregistered operations.
(Photo : Photo by André François McKenzie on Unsplash)

OKX's Breakthrough in Singapore

OKX, a prominent global crypto exchange and Web3 technology company, has received a preliminary nod from the Monetary Authority of Singapore (MAS) for its major payment institution license application, The Straits Times reports.

This in-principle approval marks a significant step for OKX in its efforts to offer digital asset services in Singapore under the Payment Services Act.

The approval allows OKX to provide digital payment tokens and cross-border money transfer services in Singapore and sets the stage for the development of locally tailored products and services for users in the region. 

Hong Fang, President of OKX, expressed excitement about the approval, emphasizing the company's commitment to the Singapore crypto ecosystem and its intention to uphold best practices in regulated industries.

OKX's presence in Singapore makes its website or mobile apps on iOS and Google Play accessible to users, further enhancing the company's global reach in the crypto market.

READ MORE: Hong Kong to Host CoinDesk Consensus as It Bids to Become a Crypto Hub

Crypto.com Faces Regulatory Action

In contrast to OKX's success, Crypto.com, a virtual assets exchange, has encountered regulatory hurdles in the Netherlands. The Dutch Central Bank (DNB) has fined Crypto.com €2.85 million ($3.11 million) for offering its services in the Netherlands without proper registration.

Under Dutch laws aimed at combating money laundering and terrorist financing, companies providing crypto services must register with the DNB. Crypto.com's failure to comply with these regulations resulted in the imposition of a substantial fine.

The DNB justified the size of the fine by highlighting Crypto.com's significant customer base in the Netherlands and the competitive advantage gained by operating without regulatory oversight. 

This penalty underscores the importance of regulatory compliance in the crypto industry and warns other companies operating in jurisdictions with strict regulatory frameworks.

READ NEXT: Tether's USDT Surpasses $100 Billion Milestone, Emerges as World's Largest Stablecoin Amid Bitcoin Surge

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