OKX App Upgrade! Layout in Hong Kong Regulation, Providing Hong Kong Users with a Safe and Reliable Spot Exchange

OKX, the world's second-largest cryptocurrency exchange by trading volume and a leading Web3 technology company, has launched an upgraded version of its application today. The platform will provide secure and reliable spot trading services for users in Hong Kong, in compliance with regulations for Virtual Asset Service Providers (VASP) in Hong Kong. OKX

OKX Leads in Supporting Compliant Spot Trading in Hong Kong

OKX application now supports Hong Kong users to buy, sell, and hold 16 major cryptocurrencies, while upholding high standards in platform security, trading technology, and risk control akin to traditional financial exchanges in Hong Kong.

OKX announced earlier this year the establishment of a Hong Kong entity to apply for the Virtual Asset Service Provider (VASP) license under the new regulatory regime in Hong Kong, set to take effect on June 1, 2023. In preparation for regulatory requirements, OKX has actively enhanced its operations and monitoring capabilities over the past year, closely collaborating with Hong Kong regulatory authorities to demonstrate compliance with strict VASP licensing standards in areas such as security, asset custody, Anti-Money Laundering (AML), and compliance.

OKX is also one of the major cryptocurrency exchanges that disclose their cryptocurrency holdings monthly through its Proof of Reserves, utilizing zk-STARK technology (Zero-Knowledge Scalable Transparent Argument of Knowledge) in its latest version. This technology allows users to independently verify the exchange's solvency and confirm that user assets are backed by OKX reserves. The April Proof of Reserves report indicated that OKX holds a total value of $10.4 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

OKX Ensures Compliance for Hong Kong Users with Trading of 16 Cryptocurrencies

OKX Chief of Global Business Lennix Lai stated: "We believe that every Hong Kong user has the right to explore the world of cryptocurrencies through a reliable and user-friendly application. OKX is committed to providing users with the safest and simplest cryptocurrency trading experience, while adhering to the latest regulations for Virtual Asset Service Providers (VASP) by the Hong Kong SAR government. We will continue to collaborate with local regulatory authorities to advance the application for a license under the new VASP regime, actively support government policy objectives, and allocate resources to help Hong Kong develop into a thriving virtual asset center."

Hong Kong users can buy, sell, and exchange 16 major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), through the OKX application. Transactions can be conducted in Hong Kong dollars through peer-to-peer (P2P) trading or via third-party service providers using Apple Pay, Visa, and Mastercard for token transactions. OKX plans to introduce more features in the coming months in accordance with the guidance of the Securities and Futures Commission of Hong Kong to provide a richer and more diverse user experience.

Since its establishment in 2017, the total trading volume conducted on the OKX platform has exceeded $1 trillion, meeting institutional-grade security and compliance standards.

To learn more about key regulations in Hong Kong, please refer to: Exchange Protects Retail Investors' Responsibility, Temporarily Prohibited from Buying and Selling Stablecoins