Normal Chartered Named OKX’s Institutional Custodian In EEA

Normal Chartered, a significant international banking group, is deepening ties with cryptocurrency alternate OKX, turning into its institutional custodian within the European Financial Space (EEA).

Normal Chartered and OKX launched a collateral mirroring program within the EEA, permitting native institutional shoppers to maintain their crypto immediately in Normal Chartered’s custody, OKX introduced on Wednesday.

The launch marks an growth of a pilot initially launched in Dubai in April, aiming to allow establishments to maintain their property with a globally systemically vital financial institution (G-SIB) whereas mirroring the balances into OKX for buying and selling.

This system’s growth within the EEA reinforces OKX’s dedication to Europe after the alternate secured a Maltese license below Europe’s Markets in Crypto-Property (MiCA) framework in early 2025.

How does this system work?

Earlier than the take care of Normal Chartered, OKX’s institutional shoppers largely saved their crypto on the alternate, with fiat transactions being dealt with via common financial institution companions.

Whereas OKX’s default custody possibility was its in-house resolution, the alternate additionally allowed establishments to make use of third-party custodians, together with Copper or Komainu, in the event that they most popular to carry property off-exchange.

With Normal Chartered’s integration, OKX’s institutional shoppers can preserve their property immediately with a significant regulated financial institution, whereas OKX can mirror these property again into its buying and selling system.

Rising belief following October’s flash crash

OKX’s collaboration with Normal Chartered is essential for rising belief within the crypto ecosystem amid the market turmoil in October, with exchanges struggling $20 billion liquidations on Friday.

Binance, the world’s largest crypto alternate by buying and selling quantity, has confronted a large controversy because the crash, highlighting the vulnerabilities of its value oracles and blaming the platform for investor losses value tens of millions of {dollars}.

Associated: Centralized exchanges face claims of huge liquidation undercounts

“Latest occasions have reignited the ‘Wild West’ narrative round crypto, however partnerships like ours with Normal Chartered present how far the trade has come,” OKX Europe CEO Erald Ghoos instructed Cointelegraph.

“We’re proud to be working with the primary and solely G-SIB immediately built-in with a crypto alternate, proving that regulated, safe and clear fashions are the way forward for digital property,” he mentioned.