Seychelles-based cryptocurrency exchange OKX has agreed to return over $157 million in frozen FTX funds to the bankruptcy team. This follows FTX's collapse in 2022, during which OKX identified and secured assets linked to FTX and Alameda Research on its platform.
Key Details of the FTX Fund Recovery
- Amount Recovered: $157 million
- Action Taken: OKX froze accounts and assets tied to FTX/Alameda after internal investigations.
- Assets Unspecified: The exchange has not disclosed which digital assets were involved.
👉 Discover how OKX ensures secure crypto transactions
OKX’s Global Expansion Strategy
Amid this development, OKX continues to expand its footprint, recently announcing plans to enter Australia and Hong Kong.
Hong Kong Expansion
- New Entity: OKX established a Hong Kong-based entity to offer virtual asset services.
Licensing: The exchange will apply for:
- VASP License: Under AML/CTF regulations.
- Type 1 & 7 Licenses: For securities and futures trading.
Quote: Lennix Lai, OKX’s Global Institutional MD, stated:
"We see immense potential in Hong Kong... committed to investing in talents and regulators over the next five years."
Australia Launch
- Market Focus: Australia is a priority growth market due to high crypto adoption.
- Local Office: OKX plans to build a strong local presence.
- CMO Insight: Haider Rafique cited Australians’ "huge appetite" for crypto products.
👉 Learn about OKX’s global services
Strategic Partnerships
OKX has forged collaborations to enhance its ecosystem:
- Volt Inu (March 27): Integrated OKX Wallet with the decentralized exchange VOLTICHANGE.
- McLaren Racing (March 30): Partnership for fan engagement via competitions and exclusive content.
FAQs
Q1: Why did OKX freeze FTX-linked funds?
A: To comply with regulatory requirements and protect user assets during FTX’s insolvency.
Q2: What licenses is OKX pursuing in Hong Kong?
A: VASP (virtual asset services) and Type 1/7 (securities/futures) licenses.
Q3: How does OKX plan to grow in Australia?
A: By establishing local operations and offering tailored crypto investment products.
Q4: What benefits do OKX’s partnerships offer?
A: Enhanced DeFi access (Volt Inu) and fan experiences (McLaren Racing).