OKCoin recently announced that it had opened a new office in Singapore. The office caters to traders in the Southeast Asian country and neighboring Brunei. CoinGeek spoke to Khairi Azmi, the new OKCoin Singapore General Manager, who revealed how the new office will benefit Singaporean traders, how the cryptocurrency exchange is complying with local regulations and how OKCoin has been performing in 2020.
“It’s an exciting time to lead OKCoin’s rapid expansion into Singapore, with the current macro-economic environment setting the stage for the next phase of growth in cryptocurrencies,” Azmi stated in the press release announcing the new office.
Singapore has positioned itself as the fintech capital of the world, Azmi told CoinGeek. With a strong financial industry, unrivalled digital and physical infrastructure and friendly regulations, the country has grown to become one of the most important digital currency markets. OKCoin has seen “significant crypto adoption and growth from Singapore and its neighboring countries,” Azmi revealed.
The exchange currently supports Singaporean dollar trading pairs for just a few digital currencies. However, it’s working with all stakeholders to increase its services as soon as possible.
“We will be working closely with regulators (MAS), detailing the nature of these products and their suitability for the market we will be regulated in. Once we obtain our license from MAS, we will be pushing out these products,” Azmi told us.
At a time when regulators are cracking down on rogue digital currency companies, OKCoin has continued to put emphasis on compliance. The exchange continues to work diligently to adhere to the guidelines laid down by the Payment Service Act in Singapore, Azmi revealed.
He stated, “We have aligned our workflow and policies to the guidelines stated by MAS. We have worked very hard on this to ensure we comply fully and trust the approach MAS is taking in their policies in order to safeguard the integrity of the financial market.”
OKCoin has continued growing its presence in the Asia Pacific (APAC) region. The region has become one of the biggest players in the digital currency industry in recent years. The exchange recognizes this and with the new Singapore office, it hopes to “serve our customers better. We would like to be closer to our clients, listen to them and drive relevant product changes.”
Globally, OKCoin has continued to dominate as one of the largest exchanges. As Azmi revealed, the exchange recorded a 470% growth in year-over-year volume in the second quarter of this year. It has also doubled its team this year to serve its customers better.
“The team in San Francisco has also been working hard on the products, with some new products coming up before the end of the year which we’re excited about. We are constantly making improvements to make our platform as easy as possible to use for new entrants – such as now having the shortest KYC to deposit time in the industry.”
See also: HandCash CEO Alex Agut keynote talk at CoinGeek Live on Making Bitcoin Easy to Use for Everyone.
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