Crypto Exchange OKX to Return $157M in Frozen FTX Funds

Table of Contents

Seychelles-based cryptocurrency exchange OKX has reportedly agreed to return over $157 million in frozen FTX funds to the bankruptcy team.

Following FTX’s collapse in 2022, OKX had specified it conducted investigations to identify any FTX-related transactions on its exchange, and upon discovering assets and accounts linked to FTX and Alameda Research, the company moved to secure the assets and freeze the connected accounts. However, the exchange did not specify what digital assets it had identified.

This comes on the heels after OKX announced expansion plans in Australia and Hong Kong. As per a press release, the cryptocurrency exchange has set up an entity in Hong Kong for providing virtual asset services in the special administrative region.

OKX Expands to 2 Different Countries

The exchange noted that it will apply for the virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 and the Type 1 & 7 licenses under the Securities and Futures Ordinance. Lennix Lai, managing director of global institutional at OKX, reiterated,

“We see immense potential in Hong Kong, and are committed to investing in talents and working with regulators over the next five years to continue building the local ecosystem.”


Meanwhile, OKX has revealed its intention to expand its crypto services to Australia. On March 29, the platform took to Twitter explained that the country would be a key growth market for the firm moving forward. Haider Rafique, the chief marketing officer of OKX, noted the decision to expand was driven by Australians’ “huge appetite” for more crypto investment and trading products. In an official statement, OKX wrote,

“We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we’re committed to the local market and aim to build a strong local office”

Growing Partnerships

Over the past few months, OKX has also been inking several partnerships with industry leaders in order to extend its services in the market. On March 27, the crypto exchange joined hands with Volt Inu, a decetralized exchange (DEX) to provide users with a simple and efficient way of accessing decentralized services.

Additionally, on March 30, OKX also partnered with British motor racing team, Mclaren Racing to bring fans togetger with the team through innovative activations, competitions, and all-access content.


Follow us on Social Networks

Crypto Tutorials

Crypto Reviews