The recent downturn in the crypto market this October has reignited the notion of a chaotic landscape, yet both OKX and Standard Chartered are demonstrating a different narrative, as indicated by Erald Ghoos from OKX Europe.

Image Source: OKX Europe CEO Erald Ghoos

Standard Chartered, a leading global banking group, is enhancing its relationship with cryptocurrency exchange OKX, positioning itself as the institutional custodian in the European Economic Area (EEA). This collaboration marks the inception of a collateral mirroring initiative, permitting local institutional clients to store their cryptocurrencies within Standard Chartered’s custodian services, as announced by OKX on Wednesday.

This initiative signifies an expansion of an earlier pilot commenced in Dubai in April, which aimed at providing institutions the capability to retain assets with a globally systemically important bank while simultaneously mirroring balances into OKX for trading.

The program’s expansion within the EEA highlights OKX’s dedication to the European market, particularly after it acquired a Maltese license under the European Markets in Crypto-Assets (MiCA) regulations early in 2025.

How the Program Operates

Before partnering with Standard Chartered, OKX’s institutional clientele primarily maintained their cryptocurrencies within the exchange, while fiat transactions were conducted through conventional banking partners. Generally, OKX defaulted to its proprietary custody solutions, although it also offered institutions the option to utilize third-party custodians like Copper or Komainu for off-exchange asset management.

With the integration of Standard Chartered, clients of OKX can now directly manage their assets with a major regulated institution while concurrently allowing OKX to mirror those assets in its trading environment.

Building Confidence After October’s Market Collapse

The collaboration between OKX and Standard Chartered is pivotal for nurturing confidence in the cryptocurrency sphere amidst the turbulent market conditions in October, where exchanges witnessed $20 billion in liquidations on a single day. The leading crypto exchange by volume, Binance, has been embroiled in significant controversy due to this crash, underlining the weaknesses of its price oracles and attributing investor losses into the millions.

“Recent events have intensified the ‘Wild West’ characterization of crypto, but associations like our own with Standard Chartered illustrate the advancements achieved in the industry,” stated Erald Ghoos, CEO of OKX Europe. “We take pride in collaborating with the first and only G-SIB directly linked to a crypto exchange, underscoring that regulated, safe, and transparent frameworks represent the future for digital assets.”