The LSE Directory / Crypto exchanges
OSL is a Hong Kong-based digital asset platform operated by OSL Group Limited (HKEX: 863), offering regulated cryptocurrency exchange, brokerage, custody and, more recently, stablecoin payment infrastructure. Its core businesses are OSL Exchange, a spot trading venue for professional and institutional clients; OSL Brokerage, which handles OTC and block trades for large orders; and OSL Custody, an insured cold storage service for institutional digital asset holdings. A separate consumer app offers retail fiat to crypto on and off ramps through Apple Pay and Google Pay, a zero commission "Flash Trade" instant conversion feature, and a more advanced "Pro Trade" interface. OSL differentiates itself from offshore crypto exchanges by building around Hong Kong licensure rather than around it. It was the first digital asset trading platform to hold Type 1 (dealing in securities) and Type 7 (providing automated trading services) licences from the Securities and Futures Commission of Hong Kong, granted 15 December 2020, and has since added Type 4 (advising on securities) and Type 9 (asset management) licences; those licences were upgraded in 2023 to permit retail as well as professional investor trading, alongside HashKey Exchange. Where many regional competitors serve retail traders directly, OSL's core customer base is institutional: hedge funds, family offices, asset managers, banks and brokerages, served partly through omnibus account arrangements with partners such as Interactive Brokers and Victory Securities. Since 2025 it has pushed into stablecoin issuance and payments, with its own USD-pegged token USDGO and B2B payment rails via OSL Pay and OSL BizPay, and, following its acquisition of Banxa, into embedded on and off ramp infrastructure for other businesses, positioning it as much as a payments and infrastructure provider as a trading venue. OSL's parent, OSL Group Limited, traces back to BC Technology Group, which listed on the Hong Kong Stock Exchange's GEM board in 2013 and moved to the Main Board in 2015; the OSL digital asset business itself launched in 2018, and the parent company was renamed from BC Technology Group to OSL Group in January 2024. Fidelity International bought a roughly 5.6 percent, HK$110.5 million (about $14.2 million) stake in the company in February 2020, ahead of its SFC licence award. Kevin Cui became Group CEO on 5 August 2024, having previously held senior roles at Bybit; Patrick Pan, OSL's former Chairman and CEO, remains Chairman of the board. For the six months to 30 June 2025, OSL Group reported total revenue of HK$195 million (up 58 percent year on year), platform transaction volume of HK$68.2 billion (up 200 percent), and digital assets under custody of HK$5.694 billion (up 50 percent), with headcount growing from 167 to 568 over the same year. In July 2025 the group raised $300 million in an equity placement to fund its payments and stablecoin build out and further acquisitions, and it completed the take-private acquisition of Canadian payments infrastructure provider Banxa Holdings on 2 January 2026 for C$1.55 per share. OSL welcomed the Hong Kong Monetary Authority's first stablecoin issuer licences, awarded 10 April 2026 to Anchorpoint Financial and HSBC, but it was not itself among that first batch of licensees. The company has said it intends to work with the newly licensed issuers to build out Hong Kong's compliant stablecoin ecosystem rather than issue its own HKMA-regulated stablecoin for now, while continuing to develop USDGO and its payment rails around them.
