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

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.

Interpretation of this information:

The message reports that OKX Global Institutional Business Department’s Managing Director, Lennix, revealed in a social media message that OKX had been preparing for the Hong Kong license application for a year. The team responsible for the compliance process consisted of more than 20 people from various backgrounds such as SFC, SEC, international law firms, and licensed financial institutions. The team ensured the company’s compliance with the regulatory standards of SFO type 1 and type 7 by making structural adjustments, streamlining currency exchange processes, strengthening market monitoring, implementing proof of reserve, and strictly adhering to customer capital separation.

OKX seems to have made significant preparations to secure a Hong Kong license. The company formed a dedicated team comprising over 20 highly experienced professionals from various reputable institutions. The team was responsible for reviewing and aligning OKX’s operations with regulatory standards, with a particular focus on SFO type 1 and type 7 regulations. OKX made adjustments to its operations to ensure it met the regulatory requirements. These adjustments included restructuring to comply with SFO MIC standards, adjusting currency exchange processes, strengthening market monitoring, implementing proof of reserve, and ensuring the separation of customer capital.

Keyword: OKX, Hong Kong, Compliance.