Asked Futu about the KYC issues for opening accounts related to cryptocurrency:
1. Can mainland Chinese residents use mainland ID documents to open an account?
If you are a historical user who has already opened an account using mainland Chinese ID documents, we are currently unable to provide cryptocurrency services to mainland Chinese customers. If you need to update your information, you can go to "Account Information" to update your details. After updating, you can try to reactivate your account.
2. Can a mainland Chinese passport + overseas address proof be used?
Currently, this is not allowed.
3. Can a foreign green card or long-term visa be used?
No, overseas document types require a passport. A green card does not change your nationality.
So, the current KYC requirements for cryptocurrency withdrawals from Hong Kong-compliant platforms are:
Futu: Overseas passport/Hong Kong ID card + overseas address proof
HashKey: Overseas residency or work/study visa + overseas address proof
Victory Securities: Overseas address proof
Detailed instructions for withdrawals are available in my pinned tutorial. Feel free to check it out if needed.
Futu is relatively strict. After fully launching BTC/ETH and U token deposits, it's highly likely that mainland KYC users still won't be able to participate.
You can tell from the proof of funds requirements. Platforms like Tiger Brokers and Longbridge only require screenshots, while Futu demands PDF format.
Previously, both Futu and Tiger Brokers enabled cryptocurrency trading, but mainland KYC users were excluded. This restriction is likely to extend to deposits and withdrawals.
In the future, for compliant crypto deposits and withdrawals in Hong Kong, the difficulty of account opening should be HashKey > Futu > Victory Securities and OSL.
Since Futu has a large user base, strong brand recognition, and high market value, it's normal for it to be closely monitored by regulators. Opening accounts with foreign identities depends on individual effort; if the approach is correct, they might turn a blind eye.
Once Futu fully opens its features, I'll provide a tutorial immediately. After all, professional guidance ensures safe deposits and withdrawals.
13.16K
14
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.