OKCoin Supports Singapore Dollar Amid APAC Expansion
The SGD joins already installed US dollar and euro, and it comes as OKCoin plans for opening Singapore
OKCoin , a cryptocurrency exchange, has now added support for the Singapore Dollar. This brings the total number of fiat currencies supported to three. OKCoin plans to open an office in Singapore, so the addition of the SGD is a natural step. It joins already installed US dollars and euro.
According to fiat-tocrypto, these developments are also due to Singapore providing greater regulatory clarity for companies that want to serve the local market. The country recently passed the Payment Service Act which allows cryptocurrency companies to apply for licenses to operate in and expand their business worldwide.
While Singapore was rewriting its regulations for digital assets, other crypto providers were forced to close their doors. Finance Magnates reported yesterday that crypto payment provider CoinPip had shut downits operations. This indicated that it will be focusing on the Singapore Payment Services Act license requirements.
“There’s been a lot of demand from traders in Singapore for a safe and reliable method to trade cryptocurrency with the Singapore dollars, and we are proud that we have entered the market in a manner that fully conforms to local regulations and policies,” stated Hong Fang who was recently appointed OKCoin CEO. He replaced Tim Byun.
OKCoin expands fiat capabilities first
OKCoin accepts deposits and withdrawals in US dollars, Euro, and Bitcoin (BTC), Bitcoin Cash, BCH, Litecoin, LTC, Ethereum Classic (ETC), and more trading pairs will be supported after the addition of the Singapore dollar.
The exchange also has a partnership with Simplex , an Israeli-based credit card payment provider. This will allow it to offer deposit services in fiat currency using debit and credit cards. OKCoin’s international users can now make USD deposits using a debit card or credit card. This effectively gives them an access point to fiat currency for their clients all over the globe.
However, the service is restricted to certain areas. Users in Europe, China and the United States are not permitted to access Simplex functionality.
OKCoin was among the three largest crypto exchanges in China prior to the authorities’ crackdown against the virtual asset sector, which included a ban on ICOs in Sept 2017. The exchange fled the hostile business environment and has since moved its operations to the United States with its peers.
According to CoinMarketCap, OKCoin International traded cryptocurrency for $33.2 million over the past 24 hours. OKEx, a crypto-to-crypto exchange, is currently trading at $2.84 trillion over a 24-hour period. It’s currently ranked 12th most active cryptocurrency exchange.