OKX, a globally leading cryptocurrency exchange and Web3 technology company, has announced a significant upgrade to its application, specifically tailored for users in Hong Kong. This update focuses on providing a secure and reliable platform for virtual asset spot trading, fully aligning with the region's regulatory requirements for Virtual Asset Service Providers (VASPs).
The enhanced OKX app now supports Hong Kong users in buying, selling, and holding 16 major cryptocurrencies. The platform adheres to the high standards of security, trading technology, and risk management typically associated with traditional financial exchanges in Hong Kong.
Commitment to Regulatory Compliance
Earlier this year, OKX established a Hong Kong entity to apply for a VASP license under the new regulatory regime that came into effect on June 1, 2023. Over the past year, OKX has diligently enhanced its operational and monitoring capabilities while collaborating closely with local regulators. These efforts demonstrate OKX's commitment to meeting strict regulatory standards in security, asset custody, anti-money laundering (AML), and overall compliance.
Proof of Reserves with Advanced Technology
OKX is one of the few major exchanges that regularly publishes its cryptocurrency holdings through a Proof-of-Reserves (PoR) system. The latest version of this PoR incorporates zk-STARK technology (Zero-Knowledge Scalable Transparent Argument of Knowledge), enabling users to independently verify the exchange’s solvency and confirm that their assets are fully backed by OKX’s reserves.
As of April, the PoR report indicated that OKX holds over $10.4 billion in assets, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). This transparency reinforces user confidence in the platform’s financial health.
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Leadership Insights
Lennix Lai, Global Chief Commercial Officer at OKX, emphasized the company’s dedication to user security and regulatory adherence: "We believe every Hong Kong user deserves access to a reliable and easy-to-use application for exploring the world of cryptocurrencies. OKX is committed to providing the safest and most straightforward trading experience while complying with the latest VASP regulations set by the Hong Kong government. We will continue working with local regulators to advance our license application under the new VASP regime and support the government’s policy objectives to develop Hong Kong into a thriving virtual asset hub."
Trading Options and Future Developments
Hong Kong users can now trade and exchange 16 major virtual assets, including Bitcoin (BTC) and Ethereum (ETH), through the OKX app. The platform supports transactions in Hong Kong dollars (HKD), peer-to-peer (P2P) trading, and purchases via third-party service providers using Apple Pay, Visa, and Mastercard.
In the coming months, OKX plans to introduce additional features in accordance with guidelines from the Securities and Futures Commission (SFC) of Hong Kong. These updates aim to enrich and diversify the user experience further.
Since its establishment in 2017, OKX has facilitated over one trillion dollars in total trading volume, achieving institutional-grade security and compliance standards.
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Frequently Asked Questions
What cryptocurrencies can I trade on OKX in Hong Kong?
The platform supports 16 major virtual assets, including Bitcoin (BTC), Ethereum (ETH), and other leading cryptocurrencies. The exact list may expand based on regulatory approvals and market demand.
How does OKX ensure the safety of user assets?
OKX employs a Proof-of-Reserves system with zk-STARK technology, allowing users to verify that their assets are fully backed. The exchange also adheres to strict security protocols and regulatory standards to protect user funds.
What payment methods are available for Hong Kong users?
Users can transact using Hong Kong dollars (HKD), engage in P2P trading, or use third-party services like Apple Pay, Visa, and Mastercard for token purchases.
Is OKX compliant with Hong Kong regulations?
Yes, OKX has established a local entity and is actively pursuing a VASP license to operate in full compliance with Hong Kong’s virtual asset regulations.
Will OKX add more features in the future?
Absolutely. OKX plans to roll out additional functionalities under the guidance of the Securities and Futures Commission to enhance user experience and trading options.
How transparent is OKX about its financial reserves?
OKX publishes monthly Proof-of-Reserves reports using advanced zk-STARK technology, providing unparalleled transparency into its holdings and solvency.