Centrally-selected cryptocurrency platform OKX chooses Standard Chartered Bank for institutional digital asset storage
OKX Partners with Standard Chartered for Crypto Custody
In a significant move for the crypto industry, OKX, the fourth largest cryptocurrency exchange, has selected Standard Chartered as its third-party crypto custodian for institutional clients. This marks the first time a systemically important bank (G-SIB) has directly provided crypto custody for a major crypto exchange.
The collaboration allows institutional clients of OKX to separate trading from custody, providing advanced trading features and risk management tools. Standard Chartered's extensive global banking expertise and unwavering commitment to security aligns with OKX's objective to provide exceptional crypto services.
OKX, which has chosen the Seychelles as its global headquarters and Malta as its European base, aims to enhance institutional engagement in digital assets through this partnership. The exchange has previously faced allegations of lax verification requirements and wash trading in the 2018/2019 period. However, it's important to note that these practices were widespread across the market at the time.
Despite these past allegations, there are no credible reports or search results indicating that Standard Chartered's crypto custody service for OKX has been involved in any controversies or allegations related to lax verification requirements or wash trading in the past.
Standard Chartered has made strides in the digital asset sector, founding a standalone crypto custody firm, Zodia Custody, in collaboration with Northern Trust. Notable investors in Zodia Custody include Japan's SBI and Australia's NAB.
Interestingly, Changpeng Zhao, the founder of Binance, previously served as the CTO of OKX before launching his own exchange.
Lastly, Standard Chartered unveiled its digital asset custody offering in the UAE last month, demonstrating its ongoing commitment to the digital asset industry.
It seems that OKX, once criticised for its early days in the crypto market, has managed to "hang around long enough to bring the grown-ups in." The exchange's strategic partnerships and continued growth suggest a promising future for OKX and the broader crypto industry.
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