OKCoin supports Singaporean dollar, opens local office

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OKCoin digital currencies exchange has launched support for the Singaporean dollar. The exchange, which is among the largest in the world, will now allow Singaporean traders to withdraw and deposit in their local currency, promising to add more spot pairs soon. It also opened a local office as it seeks to expand its presence in the digital currency haven.

The Singapore dollar (SGD) now joins the euro and the U.S. dollar as the fiat currencies the exchange supports. In a press release shared with CoinGeek, the CEO Hong Fang revealed that the addition of the SGD comes from the increased demand by the local traders.

She stated, “There has been a huge demand from traders throughout Singapore who are looking for a safe and reliable way to trade cryptocurrencies with the Singapore dollar, and we are proud to be entering the market in a way that fully complies with local regulations and policies. We intend to create a truly global cryptocurrency market, so supporting the Singapore dollar along with the euro and U.S. dollar is an important step towards our goal.”

This is the latest development by the exchange as it seeks to position itself for global domination. Recently, it appointed Hong Fang as its new CEO, with the former CEO Tim Byun moving on to the global government relations office. In appointing Fang, the exchange hopes to tap her experience in the banking industry to lead it forward in a world where regulators are becoming more involved in the digital currency industry.

Fang pledged to spearhead OKCoin’s global expansion, and the opening of a local office in Singapore is proof enough of her commitment to this cause. The exchange revealed, “With the opening of OKCoin’s new office in Singapore, the company plans on hiring local professionals to keep pace with its bold plans for the new location. This continued personnel expansion will support OKCoin’s broader mission to better serve the global community of institutional and individual cryptocurrency traders.”

Singapore has continued to support the digital currency industry, but despite this, quite a number of exchanges have found the going to be too tough. Just a fortnight ago, local exchange Coinhacko halted withdrawals after suffering a ‘sophisticated and coordinated’ hack. The exchange, which is backed by VC guru Tim Draper and is among the oldest in Asia, refused to disclose the details of the hack.

Yet another exchange, COSS, has also been rocked by challenges. Despite being acquired last month, it has still locked the accounts of over 200,000 users.