OKX is first major crypto exchange to apply for Hong Kong licence (2024)

FAQs

Can you use OKX in Hong Kong? ›

In accordance with this development, OKX Hong Kong will discontinue providing centralised crypto trading services in Hong Kong effective 31 May 2024. This strategic decision was made after thorough consideration of the company's long-term business strategy and in alignment with regulatory compliance standards.

The local affiliates of major mainland China-linked crypto exchanges - including OKX, Gate.io, KuCoin, Binance and HTX, formerly Huobi - have all withdrawn their applications for a virtual asset trading platform (VATP) licence in Hong Kong that were submitted over the past several months, according to the Securities ...

United States

The OKX US digital asset trading platform is provided by OKCoin USA Inc., a licensed money transmitter (NMLS #1767779) and money services business registered with the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury.

Tier 1 exchanges are the most prestigious and well-known platforms in the cryptocurrency industry. They are characterized by high trading volumes, robust security measures, extensive regulatory compliance, and a wide user base. Examples of Tier 1 exchanges include Binance, Coinbase, Kraken, Huobi, and OKX.

OSL Digital Securities Limited (OSL) and HashKey Digital Asset Group Limited (HashKey) are two prominent companies licensed by SFC in Hong Kong to operate as VATPs.

OKX is a platform where investors can buy Bitcoin, Ethereum, and other cryptocurrencies. It currently operates in global markets including Hong Kong, United Arab Emirates, The Bahamas, and France. OKX has offices in Dubai, Turkey, Hong Kong, Silicon Valley, Singapore, and Australia.

1. Malta. With its progressive regulations and advantageous tax structure, Malta, also known as Blockchain Island, is attracting large companies in the crypto coins industry. The country's clear regulations for cryptocurrency businesses make it a prime location for blockchain companies globally.

Nevertheless, the fine print in its legal and privacy disclosures specifically states that the agreement on its website applies to “customers who reside in Singapore and selected countries (Hong Kong and the Philippines).” In any event, Coinbase's know-your-customer process approved my application.

Crypto.com, which was founded in Hong Kong and now operates out of Singapore, is the largest of the exchanges “deemed to be licensed”. The city currently has just two exchanges approved to serve retail customers, with HashKey being the last to get a licence in 2022 under the previous voluntary scheme.

OKX is a top crypto exchange trusted by millions of users. It's a quick and easy way for beginner to expert cryptocurrency enthusiasts to buy, hold, and exchange hundreds of popular cryptocurrencies with competitive trading fees.

Can I use OKX without KYC? ›

4. Can you use OKX without KYC? Yes, you can use OKX without KYC for basic trading features. However, to access higher withdrawal limits and more advanced features, completing KYC verification is required.

OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to American users. The company's CEO is Jay Hao and CMO is Haider Rafique. OKX was first time located in Beijing, China, but it is now banned by the Chinese regulators.

OKX and Coinbase are both fantastic exchanges for users looking for a safe, reputable, regulated and licensed exchange. Because of US regulatory compliance, Coinbase will probably be the preferred choice for US-based users while OKX is often favoured for anyone located outside of the States.

Binance edges out a slight win when it comes to asset support as they offer a higher number of tradable pairs across markets, while both platforms offer leveraged tokens and incredibly low fees. OKX takes the win as the preferred platform for traders interested in copy trading and accessing trading bots.

OKX was among nine foreign crypto exchanges blocked in India after local regulators issued compliance notices.

You are probably wondering if this giant is available to local clients. The answer is yes; Coinbase accepts and opens crypto trading accounts to clients based in Hong Kong.

Crypto.com, which was founded in Hong Kong and now operates out of Singapore, is the largest of the exchanges “deemed to be licensed”. The city currently has just two exchanges approved to serve retail customers, with HashKey being the last to get a licence in 2022 under the previous voluntary scheme.