OKX has partnered with Standard Chartered to offer safe crypto storage for institutions in the EU.
- Standard Chartered becomes OKX’s custodian in the European Economic Area.
- Institutions can now store crypto with a regulated global bank.
- The program boosts trust after recent market crashes.
Standard Chartered Expands Partnership with OKX
Standard Chartered, one of the world’s top banks, is now offering crypto custody services to OKX’s institutional clients in the European Economic Area (EEA). This move lets clients keep their cryptocurrencies directly with the bank, while still being able to trade on OKX.
How the New Custody Service Works
Before this deal, OKX clients mostly stored their crypto using OKX’s own or third-party systems. Now, with Standard Chartered’s integration, institutions can store assets through a regulated global bank. OKX will mirror these holdings, meaning clients can trade them on OKX without moving funds off the bank’s system.
Why This Is Important
This move happened shortly after October’s market crash, where some exchanges lost $20 billion in value. Many investors lost money due to poor risk controls on platforms like Binance. OKX’s step to improve custody through a globally recognized bank is aimed at building trust and reducing risk for its users.
EU Expansion and Regulations
OKX is strengthening its presence in Europe. The exchange recently got approval in Malta under the EU’s Markets in Crypto-Assets (MiCA) law, which will go into effect in early 2025. This law sets clear rules for crypto firms in Europe and helps ensure better protection for customers.
What Leaders Are Saying
OKX Europe CEO Erald Ghoos said their partnership with Standard Chartered shows how the industry is maturing. He highlighted that they are working with the first and only globally important bank that is directly integrated with a crypto exchange.
Source: cointelegraph.com
