Standard Chartered has become the official custodian for OKX’s institutional crypto clients in Europe, launching a collateral mirroring program that blends regulated bank custody with on-exchange trading. This move aims to rebuild trust in crypto amid recent market turmoil by offering a secure, transparent framework under Europe’s MiCA rules.
Standard Chartered, a leading global banking group, is expanding its role in cryptocurrency by becoming the institutional custodian for OKX in the European Economic Area (EEA).
This move comes as part of a collateral mirroring program launched by both parties.
The program allows local institutional clients to securely hold their crypto assets directly in Standard Chartered’s custody while mirroring balances back into OKX for trading.
This initiative marks an expansion of a pilot program started in Dubai earlier this year.
It enables institutions to safely store assets with a globally systemically important bank (G-SIB) and trade seamlessly on the OKX exchange.
The partnership is supported by OKX’s recent Maltese license under Europe’s Markets in Crypto-Assets (MiCA) framework, reinforcing the exchange’s commitment to a regulated European crypto market.
Building Institutional Trust Post-Market Volatility
Before this partnership, OKX’s institutional clients often stored crypto assets on the exchange, or with third-party custodians like Copper or Komainu.
Now, with Standard Chartered’s direct custody, these clients benefit from a highly regulated and secure banking environment.
OKX can mirror these assets back into its trading system, combining the safety of bank custody with the agility of crypto trading.
OKX Europe CEO Erald Ghoos emphasized the significance of this development, saying, “Recent market turmoil has revived the ‘Wild West’ crypto narrative, but partnerships like ours with Standard Chartered show the progress made.
Working with the only G-SIB directly integrated with a crypto exchange proves that secure, transparent, and regulated models define the future of digital assets.”
October’s market crash, which triggered $20 billion in liquidations, spotlighted the vulnerabilities in crypto exchanges like Binance.
The Standard Chartered-OKX collaboration aims to bolster trust and transparency amid such volatility, presenting a model for institutional-grade crypto services in Europe.
Margaret Harwood-Jones, Standard Chartered’s global head of financing and securities services, called the EEA expansion a “significant milestone” in their collaboration.
She underlined the commitment to security and compliance tailored to the European institutional landscape.
Iskandar Vanblarcum, OKX’s vice president of institutional sales and business development, added that leveraging MiCA’s clear regulatory standards alongside Standard Chartered’s custody strengthens institutional confidence.
He highlighted how the partnership supports efficient and safeguarded trading in a regulated environment.
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Standard Chartered Custodies Crypto for OKX in Europe
Standard Chartered becomes the institutional custodian for OKX in the EEA, boosting trust in crypto with a groundbreaking collateral mirroring program