Hong Kong SAR, 25 May, 2023 - OKX, the world's second-largest crypto exchange by trading volume and a leading Web3 technology company, has enhanced its app to offer safe and secure spot trading of virtual assets to Hong Kong users in accordance with the requirements for virtual asset service providers (VASPs) in the city.
The OKX app, which allows Hong Kong users to buy, sell, and hold 16 major cryptocurrencies, adheres to the high standards applied to traditional exchanges in Hong Kong in terms of security, trading technology and risk controls.
Earlier this year, OKX announced that it had set up a Hong Kong entity for its proposed license application under Hong Kong's new regulatory regime for VASPs as it comes into effect on 1 June 2023. The company has been uplifting its operations and controls for more than a year in preparation for the anticipated regulatory requirements, and is working with Hong Kong authorities to demonstrate how OKX's security, custody, AML and compliance capabilities can meet the robust regulatory standards for licensed VASPs.
OKX is also one of the only major crypto exchanges to publish its crypto holdings monthly via its Proof of Reserves. The latest upgrade introduced zk-STARK zero-knowledge technology, allowing users to independently verify exchange solvency and confirm their assets are backed by OKX reserves. The April PoR report showed USD10.4 billion in Bitcoin, Ethereum and USDT held by OKX.
OKX Global Chief Commercial Officer Lennix Lai said: "Everyone in Hong Kong deserves the opportunity to explore the crypto world through a trustworthy and easy-to-use app. At OKX, we are committed to offering users the most secure and intuitive crypto trading experience, in line with the latest requirements from the Hong Kong government. We will continue to collaborate with Hong Kong regulators in the process of our licensing efforts under the new VASP regime, and invest in making this city a resurgent digital assets hub in support of the government's policy goals."
Hong Kong users can buy, sell and convert 16 major virtual assets through the app, including BTC, ETH and several others. Tokens can be purchased with HKD, peer-to-peer (P2P) or via ApplePay, Visa and Mastercard through third-party providers. In the coming months, and in keeping with guidance from the Hong Kong Securities & Futures Commission, additional features will be released to enrich and diversify the user experience.
Since its inception in 2017, total trading volume on OKX has exceeded USD1 trillion with institutional grade security and compliance. __