HONG KONG, May 25, 2023 /PRNewswire/ -- 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 has been working closely with Hong Kong regulatory 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 fully 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.
OKX is a world-leading technology company building the future of Web3. Known as the fastest and most reliable crypto trading platform for traders everywhere, OKX's crypto exchange is the second largest globally by trading volume.
OKX's leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.
OKX partners with a number of the world's top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.