Standard Chartered Appointed as OKX’s Institutional Custodian for the EEA

Standard Chartered, a prominent global banking institution, is strengthening its partnership with cryptocurrency exchange OKX by serving as its institutional custodian in the European Economic Area (EEA).

The two firms have introduced a collateral mirroring program in the EEA, permitting local institutional clients to securely hold their crypto assets in custody with Standard Chartered, as OKX reported on Wednesday.

This initiative marks the growth of a pilot established in Dubai back in April, aiming to enable institutions to maintain their assets with a globally systemically important bank (G-SIB) while concurrently mirroring those balances in OKX for trading purposes.

The program’s rollout in the EEA underscores OKX’s dedication to Europe, particularly after the exchange obtained a Maltese license under Europe’s Markets in Crypto-Assets (MiCA) framework earlier in 2025.

How does the program operate?

Prior to the agreement with Standard Chartered, OKX’s institutional clients primarily stored their crypto on the exchange, with fiat transactions facilitated via conventional banking partners.

Although OKX’s standard custody option was its in-house alternative, the exchange also permitted institutions to opt for third-party custodians, including Copper or Komainu, if they chose to keep their assets off-exchange.

With the integration of Standard Chartered, OKX’s institutional clients can now maintain their assets with a major regulated bank, while OKX can reflect those assets back into its trading platform.

Building trust after the October flash crash

OKX’s collaboration with Standard Chartered is vital for fostering confidence in the crypto sector amidst the market chaos witnessed in October, where exchanges experienced $20 billion in liquidations on Friday.

Binance, the leading crypto exchange by trading volume, has encountered significant controversy following the crash, exposing vulnerabilities in its price oracles and attributing millions in investor losses to the platform’s shortcomings.

Related: Centralized exchanges face allegations of significant liquidation underreports

“Recent events have brought back the ‘Wild West’ narrative surrounding crypto, but collaborations like ours with Standard Chartered highlight the progress the industry has made,” stated OKX Europe CEO Erald Ghoos in an interview with Cointelegraph.

“We’re honored to collaborate with the first and only G-SIB that is integrated directly with a crypto exchange, demonstrating that regulated, secure, and transparent frameworks are the future of digital assets,” he added.