OSL HK

The operational structure dates back to 2003, when BC Technology Group Limited was founded (initially unrelated to digital assets). In 2018, BC Technology Group acquired a listing shell and made a strategic pivot toward cryptocurrencies, launching the OSL platform. The public launch of the exchange took place on March 2, 2020, and after obtaining SFC licenses, licensed trading began on March 15, 2021. On August 3, 2023, the platform received a license upgrade allowing it to serve retail clients. In early 2024, BC Technology Group was renamed OSL Group Limited, and in March 2024, strategic investor BGX Group Holding Limited (later Crown Research Investment Limited, linked to the Bitget exchange via Chinese national Liu Shuai) completed the placement of 187.6 million new shares at HKD 3.80, bringing the company approximately HKD 713 million (US$91 million). The exchange is registered in Causeway Bay, Hong Kong; the key subsidiary is OSL Digital Securities Limited (SFC licensee). In subsequent years, the group made a series of acquisitions: in November 2024, it bought Japanese platform CoinBest (renamed OSL Japan); in June 2025, Indonesian operator Evergreen Crest for US$15 million; in September 2025, Koinsayang (a licensed Indonesian exchange with crypto and derivatives licenses); and on January 1, 2026, global Web3 payment provider Banxa Holdings. Overall, the group holds more than 40 trading and payment licenses in the US, Canada, EU, UK, Australia, Japan, Indonesia, and Bermuda. The retail token set on the Hong Kong VATP as of April 2026 includes Bitcoin ( BTC ), Ethereum ( ETH ), Solana ( SOL ), and Chainlink ( LINK ); professional investors have access to a broader list, including USDT ( USDT ), USDC ( USDC ), BNB ( BNB ), and others. Regulation and Licenses The main licensee is OSL Digital Securities Limited (CE No. BPJ213). On December 15, 2020, the company received Type 1 (Dealing in securities) and Type 7 (Providing automated trading services) licenses from the SFC. Additionally, in April 2024, it obtained a Virtual Asset Service Provider license under Hong Kong's Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). In November 2025, the SFC updated the license conditions, removing the transitional clause, thereby standardizing the platform's status in line with the final VATP rules. On November 18, 2021, the SFC issued a public warning about a fraudulent entity, OSL Corporation (domain hifly59702.top), which illegally used OSL's logo and license data. The exchange complies with FATF and SFC KYC/AML requirements. The verification process is fully digital, including document recognition (OCR) and liveness detection. For a retail account, a government-issued ID (e.g., Hong Kong identity card or foreign passport) and proof of address not older than three months are required. Professional Investor status requires documentary evidence of financial assets of HKD 8 million (or equivalent) in accordance with the SFO definition. The platform blocks users from countries subject to international sanctions, as well as residents of the US (primarily non-US platform) and mainland China (onshore trading is prohibited, but offshore and institutional Chinese clients are served subject to regulatory requirements). Products and Fees Spot exchange (Hong Kong VATP): public launch on March 2, 2020; licensed trading from March 15, 2021; retail from August 3, 2023. Supports Flash Trade (instant execution at a quote) and Pro Trade (order book with market and limit orders, GTC by default). OTC/RFQ brokerage: institutional over-the-counter desk and intelligent RFQ system. Perpetual futures (USDC-margined): available on the OSL Global platform (a separate legal entity outside Hong Kong's VATP) with specified leverage limits. Staking: a licensed service for institutional and professional clients, implemented through partnerships with nodes. Custodial storage: licensed storage in Hong Kong and other jurisdictions with a multi-tier architecture (cold, warm/hot, and MPC wallets). 98% of client funds are held in cold wallets. Digital asset insurance - up to US$1 billion (tripartite insurance policies). ETF sub-custodian role: on April 15, 2024, OSL was appointed as the virtual asset trading platform and sub-custodian for the first issuance of spot BTC/ETH ETFs by fund managers Harvest and ChinaAMC (launched on April 30, 2024). Security tokens: on July 26, 2022, OSL conducted a private placement of security tokens for professional investors in Hong Kong, positioning itself as the first SFC Type 1 licensed broker distributing security tokens locally. Tokenworks and OSL BizPay: a real-world asset tokenization platform and B2B payment solution. Wealth management: in April 2025, a crypto wealth management platform for professional investors was launched. The exchange does not have its own native token. The fee structure is tiered (maker/taker) with VIP migration programs (matching levels from other platforms). Public campaigns have included maker fee waivers (e.g., in mid-2025) to attract professional and retail order flow. APIs: FIX (for low-latency trading), REST, and WebSocket; integrations with OMS/EMS vendors are supported. Current fees: maker rate set by campaigns, taker rate by VIP level (without using placeholders, as data is not provided). Volumes and Liquidity The exchange does not publicly disclose current trading volumes. As of Aug 3, 2026 , the platform's trust score is 9 . Liquidity is aggregated through a central limit order book (CLOB) with claimed ultra-low latency; institutional clients can connect via dedicated channels and APIs. The partnership with Interactive Brokers (crypto trading for Hong Kong clients since February 2023) and the sub-custodian status for spot ETFs provide additional liquidity inflow. Drawing conclusions about market share is difficult due to the lack of public data. Security and Incidents The custodial architecture is based on a multi-tier wallet system (cold, warm/hot, MPC) with role-based access control and management. 98% of client funds are held in cold storage. Insurance coverage for digital assets is up to US$1 billion (tripartite insurance policies). Client assets are legally segregated through licensed trust structures (bankruptcy-remote design). The platform undergoes regular audits by one of the Big Four accounting firms; the public reporting of the parent company (listed on HKEX) serves as a structural analogue of proof-of-reserves. Real-time reserves $585.01M are not disclosed separately. For market surveillance, the Eventus Validus platform is used (deployed in June 2021, expanded to transaction monitoring). The operational regulations describe Cancel-Only modes and failure recovery procedures. According to the company, throughout its history (since 2018), there have been no losses of client funds; public records for 2022-2026 show no hacks, exploits, or forced withdrawal freezes. In November 2022, amid the collapse of FTX, OSL publicly stated that it had "never lost client funds" (this statement is the company's position, not the result of an independent audit). Related Individuals Bin Fang - founder of BC Technology Group (the original company, established in 2003; not related to cryptocurrencies). Fang laid the foundation for the subsequent pivot to digital assets, although his role after the rebranding to OSL Group is publicly detailed to a limited extent. Ken Lo (full name Lo Ken Bon) - co-founder of ANX International (one of the first Asian crypto exchanges, launched in 2013). He was deputy chairman and executive director of BC Technology Group; he left the board on January 12, 2024, moving to an advisory role. Patrick Pan (also Pan Zhiyong) - served as chairman and CEO until August 2024; after stepping down as CEO, he remained chairman of the board, focusing on strategy and acquisitions. Kevin Cui (legal name Song Cui, also known as Kevin Cui) - appointed CEO on August 5, 2024, and executive director from January 1, 2025. Before joining OSL, he worked at the Bybit exchange, where he was involved in scaling trading volumes. Gary Tiu (Ka Chun Tiu) - Head of Regulatory Affairs and executive director. He has over 20 years of legal experience at companies including Yunfeng Financial Group, Cantor Fitzgerald, Macquarie, and CITIC Capital. Ivan Wong - Group CFO and Chief Investment Officer. Previously held positions at Morgan Stanley, Ant Group, and HSBC. Cheng Yun - CTO. Has held engineering and leadership roles at HSBC, Morgan Stanley, and Binance . Additionally, on January 12, 2024, Hugh Douglas Madden (former CEO) and David James Chapman left the board; details of their prior careers are not detailed in public sources. Potential OSL is actively expanding its global presence through the acquisition of licensed platforms in Asia (Japan, Indonesia) and beyond (Australia, Bermuda, Europe), opening access to new markets and regulatory regimes. Entry into the stablecoin market: in early 2026, USDGO was launched - a US dollar-backed stablecoin designed for OSL's global payment network. On February 13, 2026, the gold-backed stablecoin USDKG, supported by the government of Kyrgyzstan, debuted on the platform. The partnership with Interactive Brokers and the sub-custodian role for spot BTC/ETH ETFs (Harvest, ChinaAMC) create a sustainable institutional capital channel. Capital rounds: in July 2025, OSL Group raised US$300 million (the largest publicly disclosed round among Asian digital assets at the time), and in January-February 2026, an additional US$200 million (placement of 104 million shares at HKD 14.9). Funds are directed toward global expansion, M&A, and stablecoin initiatives. The absence of its own token may be seen as a stability factor for institutional clients sensitive to regulatory risks associated with utility tokens. Risks [Identified by Finkonkurs AI Analytics System] Regulatory concentration: operations in Hong Kong are entirely dependent on SFC policy; any tightening of VATP rules or changes in the approach to retail trading could significantly limit the product line. The license forgery incident (November 2021) did not cause damage per se but demonstrates reputational risks in the region. Narrow retail token set: as of April 2026, retail clients have access only to BTC, ETH, SOL, and LINK - this significantly limits appeal to a broad audience compared to global exchanges. The process for adding new tokens requires SFC approval and an internal committee, slowing down listing speed. Ownership concentration: BGX Group/Crown Research Investment (a structure affiliated with Bitget ) holds approximately 30% of OSL Group shares; such concentration creates potential dependence on the strategic decisions of one major shareholder. Additionally, related-party transactions are not disclosed in detail. Competitive pressure: in Hong Kong, direct competitors include HashKey (also an SFC-licensed exchange that went retail on the same day, August 3, 2023). Both platforms compete for institutional and retail flow within the same jurisdiction; HashKey is also developing its own stablecoin projects. On a global level, OSL faces competition from unlicensed or offshore platforms offering a broader range of products. Lack of public proof-of-reserves: although Big Four audits and the HKEX listing provide transparency, the absence of regular on-chain reserve verification may cause skepticism among some users accustomed to Proof-of-Reserves mechanisms from leading exchanges.