OKX has significantly enhanced its application to provide Hong Kong customers with a secure and compliant platform for spot virtual asset trading. This upgrade aligns with the city's stringent regulatory framework for Virtual Asset Service Providers (VASPs), ensuring that users can trade with confidence.
The improved app allows users in Hong Kong to buy, sell, and hold 16 major cryptocurrencies. It incorporates security measures, advanced trading technology, and risk controls that meet the high standards expected of traditional financial exchanges in the region.
Commitment to Regulatory Compliance
In preparation for Hong Kong's new VASP regulatory regime, which came into effect, OKX established a local entity and initiated the license application process. The company has spent over a year strengthening its operational and control frameworks to meet anticipated regulatory demands.
OKX is collaborating closely with Hong Kong authorities to demonstrate that its security protocols, asset custody solutions, and anti-money laundering (AML) systems comply with the robust standards required for licensed VASPs.
Proof of Reserves and Transparency
A key feature of OKX's commitment to security is its monthly Proof of Reserves (PoR) report. The exchange is one of the few major platforms to provide such regular transparency.
The latest PoR upgrade incorporates zk-STARK zero-knowledge technology, enabling users to independently verify the solvency of the exchange and confirm that their assets are fully backed. A recent report indicated holdings of over $10.4 billion in major cryptocurrencies like Bitcoin, Ethereum, and USDT.
👉 View real-time reserve verification tools
Leadership and Vision
Lennix Lai, OKX Global Chief Commercial Officer, emphasized the company's dedication to providing a trustworthy and user-friendly gateway into the crypto world. He reiterated OKX's commitment to aligning with Hong Kong's regulatory requirements and supporting the government's goal of establishing the city as a leading digital asset hub.
The platform continues to invest in its Hong Kong operations and work with regulators throughout its licensing process.
Available Trading Options
Users in Hong Kong can currently trade and convert 16 major virtual assets, including BTC and ETH. Purchases can be made using Hong Kong dollars (HKD) through various methods:
- Peer-to-peer (P2P) trading
- Apple Pay
- Visa and Mastercard (via third-party providers)
In line with guidance from the Hong Kong Securities & Futures Commission, OKX plans to release additional features in the coming months to further diversify and enrich the user experience.
Since its founding, OKX has facilitated over $1 trillion in trading volume, maintaining a strong focus on institutional-grade security and compliance throughout its growth.
Frequently Asked Questions
What cryptocurrencies can I trade on OKX in Hong Kong?
The OKX app supports spot trading for 16 major virtual assets, including Bitcoin (BTC) and Ethereum (ETH). The specific list of tokens is designed to comply with local regulations and provide access to high-market-cap assets.
How does OKX ensure the safety of user assets?
OKX employs a multi-layered security approach that includes advanced risk controls, secure custody solutions, and monthly Proof of Reserves reports. The use of zk-STARK technology allows for independent verification that user assets are fully backed.
What payment methods are available for Hong Kong users?
Residents can fund their accounts using HKD through several convenient options, such as peer-to-peer (P2P) transfers, Apple Pay, and credit/debit cards like Visa and Mastercard via integrated third-party service providers.
Is OKX licensed to operate in Hong Kong?
OKX has established a Hong Kong entity and is actively engaged in the application process for a VASP license under the new regulatory regime. The company is working closely with local authorities to ensure full compliance.
What is Proof of Reserves and why is it important?
Proof of Reserves is an independent audit that verifies an exchange holds sufficient reserves to cover all user balances. It is a critical transparency tool that protects users by proving the platform is solvent and their assets are safe.
Will more features be added to the OKX app in Hong Kong?
Yes, OKX has announced plans to roll out additional features and services in the future. These developments will be guided by regulations set forth by the Hong Kong Securities & Futures Commission to ensure a compliant and diverse trading experience.