OKX To Set Up Shop, Sponsor Crypto Events in Hong Kong

  1. OKX has launched its Hong Kong branch and announced that it is filing a license to offer crypto services.
  2. The exchange is planning to stay in Hong Kong for at least 5 years.
  3. Two Hong Kong-based crypto events are going to be sponsored by OKX as well.

OKX, currently the second-largest crypto exchange in terms of trading volume, announced that it is officially setting up shop in Hong Kong. Specifically, OKX is applying for a license to operate in the said territory.

Currently, the exchange has launched its Hong Kong branch and it is actively pursuing a virtual asset service provider (VASP) license. This has been in the works for at least a year, according to the official announcement.

Lennix Lai, the exchange’s Managing Director of Global Institutional, said that their Hong Kong roadmap extends to at least 5 years. General Counsel Bing Zhao also affirmed their cooperation with Hong Kong regulators to ensure total compliance with relevant laws.

The announcement came amid the CFTC suing Binance and its CEO Changpeng Zhao for various charges. Nowadays, regulators from different countries are imposing strict guidelines and tough actions against crypto exchanges, so, others may have viewed the OKX as inevitable to be revealed sooner than later.

Meanwhile, OKX also announced its sponsorship of crypto-related events in Hong Kong. Namely, these are the WOW Summit and Hong Kong Web3 Festival. Both events are expecting the active participation of Hong Kong government officials.

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Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.