OKX (OKX), a leading cryptocurrency exchange, announced an upgraded app version on Thursday, May 25, enabling Hong Kong users to securely trade 16 major virtual assets in compliance with the city's Virtual Asset Service Provider (VASP) regulations. Since its launch in 2017, OKX has processed over $1 trillion in total trading volume.
OKX's Strategic Expansion in Hong Kong
Earlier this year, OKX established a Hong Kong entity to apply for a VASP license under the city's new regulatory framework effective June 1. To meet stringent requirements, OKX has:
- Enhanced operational and monitoring systems over the past year
- Collaborated closely with Hong Kong regulators
- Demonstrated compliance in security, asset custody, AML (Anti-Money Laundering), and regulatory standards
🔍 Key Feature: OKX is among the few exchanges publishing monthly Proof-of-Reserves reports using zk-STARK technology (Zero-Knowledge Scalable Transparent Argument of Knowledge). This allows users to independently verify:
- Exchange solvency
- Full backing of user assets
April's reserve report confirmed OKX holds $10.4 billion in BTC, ETH, and USDT.
What Hong Kong Users Can Access
👉 Trade 16 major cryptocurrencies via the OKX app, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Polkadot (DOT)
Payment Methods:
- HKD transfers
- P2P trading
- Third-party services (Apple Pay, Visa, Mastercard)
Regulatory Compliance for Tradable Tokens
Hong Kong’s Securities and Futures Commission (SFC) mandates:
- 12+ months of regulatory compliance with no criminal charges
- Listing on two major independent investment indices
✅ Currently approved tokens:
- BTC, ETH, LTC, DOT, BCH, SOL, ADA, AVAX, MATIC, LINK
❌ Excluded: Stablecoins (due to regulatory uncertainty)
Future Developments
OKX plans to introduce more features under SFC guidelines to enhance user experience while supporting Hong Kong's vision as a global virtual asset hub.
Frequently Asked Questions (FAQ)
Q1: How does OKX ensure the safety of user funds?
A: Through monthly Proof-of-Reserves audits using zk-STARK technology, allowing transparent verification of asset backing.
Q2: Can I deposit fiat currency into OKX in Hong Kong?
A: Yes, via HKD bank transfers, P2P, or card payments (Apple Pay/Visa/Mastercard).
Q3: Why are stablecoins not permitted for trading?
A: The SFC cites ongoing uncertainties regarding stablecoin regulations.
Q4: What makes OKX different from other exchanges in Hong Kong?
A: Institutional-grade compliance, $1 trillion+ trading volume, and proactive adherence to VASP standards.
Q5: Will OKX support more tokens in the future?
A: Yes, pending SFC approvals and index inclusions.
By balancing rigorous oversight with innovation, Hong Kong solidifies its position in the crypto market while OKX delivers a trusted platform for investors. 👉 Start trading today!
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