OKX Prepares for Compliance with Hong Kong License Application

02/20/2023 13:20 • Crypto & Markets • 83 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

Interpretation of the news:

The managing director of the OKX Global Institutional Business Department, Lennix, has announced that the OKX team has been proactively preparing for the Hong Kong license application for the past year. This decision was accompanied by the setting up of a dedicated team of over 20 members, each from various financial institutions, law firms, and regulatory bodies like SFC and SEC.

To prepare for the Hong Kong license application, the team at OKX adjusted their business according to regulatory standards, including SFO type 1 and type 7. This included structural adjustments to align with the SFO MIC standard and adjustments to currency exchange processes. Furthermore, the team aimed to enhance overall market monitoring, with the implementation of Proof of Reserve, and responsible actions towards client’s capital separation.

This announcement highlights the importance of regulatory compliance in financial institutions. Given that the team had been proactively preparing for a year, it also emphasizes the adaptability required of financial companies to adjust to changing regulatory landscapes. Especially in the cryptocurrency industry where regulations are still evolving, it is critical for companies to be proactive and invest in the research and development of compliance infrastructures.

To have a professional team with members from various regulatory bodies, law firms, and financial institutions, indicates the seriousness of OKX’s intentions to operate under regulatory standards. With such a team, OKX demonstrates a level of trust and responsibility towards its clients and stakeholders.

In conclusion, OKX’s approach to proactively prepare for the Hong Kong license application is a positive step towards establishing better regulatory norms in the cryptocurrency industry. This announcement also provides insight into the importance of compliance and proactive measures towards regulatory changes in the financial markets.

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