Cryptocurrency exchange OKCoin has broadened its financial service offerings by integrating support for the Singapore dollar (SGD). This strategic enhancement increases the number of fiat currencies supported by the platform to three, joining the existing US dollar and euro capabilities. The move aligns seamlessly with OKCoin’s operational expansion into Singapore, where the company is preparing to establish a new regional office.
Singapore’s progressive regulatory landscape played a pivotal role in this decision. The nation’s recently enacted Payment Services Act offers a structured licensing framework for crypto businesses, fostering an environment of regulatory transparency and encouraging global growth. For international platforms like OKCoin, such clarity is invaluable for long-term planning and user protection.
OKCoin’s platform enables users to deposit and withdraw funds in USD and EUR, in addition to the newly added SGD. These fiat currencies can be traded directly with major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and Ethereum Classic (ETC).
Beyond traditional banking channels, OKCoin has partnered with Israel-based card payment provider Simplex. This integration allows users globally to deposit funds via debit or credit cards, significantly simplifying the process of moving fiat money onto the exchange. However, this particular service is subject to regional restrictions and is not available to users in Europe, China, or the United States.
OKCoin was once ranked among the top three cryptocurrency exchanges in China. However, following the country’s stringent crackdown on virtual assets—which included a ban on Initial Coin Offerings (ICOs) in September 2017—OKCoin, along with its peers, shifted its operational focus to international markets.
According to data from CoinMarketCap, OKCoin International’s trading volume was approximately $332,000 over a 24-hour period. Its affiliate exchange, OKEx, ranks as the 12th largest globally, recording a substantial trading volume of about $2.84 billion during the same timeframe.
The addition of the Singapore dollar underscores OKCoin’s focused strategy on the Asia-Pacific region, a major hub for both crypto innovation and adoption. This development provides Singaporean traders and investors with a more streamlined, local-currency on-ramp for accessing global digital asset markets.
Frequently Asked Questions
What fiat currencies does OKCoin currently support?
OKCoin supports deposits, withdrawals, and trading with three major fiat currencies: the US dollar (USD), the euro (EUR), and the newly added Singapore dollar (SGD). These can be used to trade popular cryptocurrencies on the platform.
Why did OKCoin choose to expand its services into Singapore?
Singapore was a strategic choice due to its clear and progressive regulatory framework for cryptocurrency companies. The passing of its Payment Services Act provides a transparent licensing process, making it an attractive jurisdiction for compliant global crypto businesses looking to 👉 explore more strategies for international growth.
Can users worldwide deposit funds using a credit card on OKCoin?
While OKCoin’s partnership with Simplex enables credit and debit card deposits for many international users, this service is not available in all regions. It is currently restricted for users located in Europe, China, and the United States.
What led OKCoin to move its operations out of China?
OKCoin transitioned its operations overseas following a series of strict regulatory actions from Chinese authorities targeting the virtual asset industry. This included a comprehensive ban on Initial Coin Offerings (ICOs) that was implemented in September 2017.
How does OKCoin’s trading volume compare to other major exchanges?
OKCoin International handles a modest volume of spot trading, while its affiliate exchange, OKEx, is one of the largest globally by volume. OKEx consistently ranks within the top 15 exchanges worldwide, highlighting its significant liquidity and market presence.
What are the benefits of OKCoin adding Singapore dollar support?
Adding SGD support allows Singapore-based users to trade directly with their local currency, reducing the need for foreign exchange conversions and associated fees. It provides a more efficient and cost-effective gateway for entering the cryptocurrency markets.