Institutional crypto storage service awarded to Standard Chartered by OKX
OKX and Standard Chartered Partner to Boost Institutional Crypto Engagement
In a significant move for the digital asset industry, OKX, the fourth largest cryptocurrency exchange, has selected Standard Chartered as its third-party crypto custodian for institutional clients. This collaboration allows institutional clients to separate trading from custody, and offers advanced trading features and risk management tools.
Standard Chartered, a systemically important bank (G-SIB), has been actively developing and expanding its crypto custody and trading capabilities in a regulated manner. The bank recently unveiled its digital asset custody offering in the UAE, and has also launched integrated digital asset trading services for institutional clients, focusing initially on Bitcoin and Ether.
OKX's decision to partner with Standard Chartered is part of its strategy to enhance institutional engagement in digital assets. The exchange, which has its global headquarters in the Seychelles, has also chosen Malta as its European base to comply with Europe's MiCAR regulations.
However, it's worth noting that OKX has faced regulatory issues in the past, including allegations of lax verification requirements and wash trading. These allegations were primarily from the 2018/2019 period, and the exchange does not serve the United States.
Despite these past issues, OKX's Global Chief Commercial Officer, Lennix Lai, believes that Standard Chartered's extensive global banking expertise and commitment to security aligns with their objective to provide exceptional crypto services.
Standard Chartered, on the other hand, has managed to maintain a clean regulatory record in its crypto custody services. There are no publicly available reports or information indicating that the bank has faced any regulatory issues related to its crypto custody services, including associations with OKX or allegations involving lax verification requirements or wash trading.
This partnership between OKX and Standard Chartered may mark a turning point in the crypto industry, as a systemically important bank directly provides crypto custody for a major crypto exchange. The collaboration underscores Standard Chartered's commitment to building trust in the crypto markets through adherence to evolving regulatory frameworks, rather than facing enforcement or compliance failures.
In conclusion, while OKX has faced regulatory issues in the past, its partnership with Standard Chartered represents a step forward in the institutional adoption of digital assets, offering secure and regulated solutions for institutional clients.
- Standard Chartered's digital asset custody offering, with its focus on security and regulatory compliance, could provide OKX's institutional clients with valuable insights into finance and business, enhancing their engagement with the crypto industry.
- This collaboration between OKX and Standard Chartered, being a key player in the banking sector and a major crypto exchange, respectively, may bring forth innovative technology-driven solutions in the finance industry, revolutionizing the way news about digital assets is delivered.
- As OKX and Standard Chartered venture into this partnership, they could leverage each other's strengths to create a more robust and reliable infrastructure for institutional engagement in the digital asset market, eventually aiding the growth of this rapidly evolving sector.
