OKX Prepares for Hong Kong License Application

02/20/2023 13:20 • Metaverse Matters • 152 views

According to reports, Lennix, the Managing Director of OKX Global Institutional Business Department, said in a social media message that the OKX team had actively prepared for the Hong Kong license application a year ago, and had set up a dedicated team of more than 20 people to take charge of the compliance process in Hong Kong. The team members were all from SFC, SEC, international law firms or licensed financial institutions, and adjusted their business according to the regulatory standards of SFO type 1 and type 7, It includes structural adjustment in line with the SFO MIC standard, currency exchange process adjustment, strengthening the overall market monitoring, implementing the Proof of Reserve, and strictly adhering to the bottom line of customer capital separation.

Managing Director of OKX Global Institutional Business Department: There is a dedicated team responsible for the compliance process in Hong Kong

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OKX, a cryptocurrency exchange platform, has reportedly prepared for the Hong Kong license application a year ago, according to Lennix, the Managing Director of OKX Global Institutional Business Department. The platform has set up a dedicated team of over 20 individuals with specialized backgrounds in SFC, SEC, international law firms, or licensed financial institutions to oversee the compliance process in Hong Kong.

The team has implemented various structural adjustments in line with the SFO type 1 and type 7 regulatory standards, including strengthening the overall market monitoring and implementing the Proof of Reserve. Additionally, they have made specific adjustments to the currency exchange process, further ensuring compliance with the regulatory standards required by Hong Kong.

One notable adjustment the team has made is the strict adherence to the bottom line of customer capital separation, ensuring that customers’ capital is entirely segregated from the platform’s capital. This adjustment is a crucial aspect in maintaining the security and transparency of the platform, as customers’ funds remain protected and secure.

The preparation made by OKX demonstrates the platform’s commitment to compliance with regulatory standards in Hong Kong, highlighting their determination to make their platform not only user-friendly but also safe and secure for users. OKX recognizes the importance of adhering to regulatory standards, and by taking proactive steps, they can ensure the longevity of their platform and the trust of their users.

In conclusion, OKX’s preparation for the Hong Kong license application is a significant step towards establishing a reputable platform in the cryptocurrency market. The dedication of over 20 individuals with specialized backgrounds in regulatory compliance, coupled with the proper adjustments made, shows a deep understanding of the importance of regulatory standards and user safety. With the continued adherence to these standards, OKX will likely become a leading platform in the cryptocurrency market.

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