Customary Chartered Named OKX’s Institutional Custodian In EEA

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

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

The launch marks an enlargement 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 enlargement within the EEA reinforces OKX’s dedication to Europe after the trade secured a Maltese license underneath Europe’s Markets in Crypto-Property (MiCA) framework in early 2025.

How does this system work?

Earlier than the cope with Customary Chartered, OKX’s institutional shoppers largely saved their crypto on the trade, with fiat transactions being dealt with by means of common financial institution companions.

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

With Customary Chartered’s integration, OKX’s institutional shoppers can maintain their property straight 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 Customary 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 trade by buying and selling quantity, has confronted a large controversy for the reason that 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 large liquidation undercounts

“Latest occasions have reignited the ‘Wild West’ narrative round crypto, however partnerships like ours with Customary 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 straight built-in with a crypto trade, proving that regulated, safe and clear fashions are the way forward for digital property,” he mentioned.