OKX user’s desperate plea, Hong Kong talks gold stablecoins: Asia Express

CoinTelegraph

by Yohan Yun

January 12, 2026

AI-Generated Deep Dive Summary

OKX user’s desperate plea highlights the risks of bypassing exchange rules. A Chinese user attempting to access restricted promotions through third-party accounts had their funds frozen by OKX due to risk controls. The user shared a heartfelt appeal on X, revealing that around $40,000 in crypto was needed for urgent family medical expenses but became inaccessible after multiple linked accounts were flagged for identity violations. OKX founder Star Xu responded, emphasizing that only the registered account holder can provide verified documentation to resolve the issue. While the user apologized and sought a resolution, they also noted that loans from friends helped address the immediate crisis. Meanwhile, Hong Kong’s financial secretary, Paul Chan Mo-po, has expressed caution over gold-backed stablecoins despite growing interest in the sector. During a forum discussing the city’s budget, Chan reiterated that Hong Kong will adopt a measured approach to stablecoin development, prioritizing regulatory groundwork before exploring proposals like gold-linked stablecoins. Since the implementation of stablecoin regulations in August 2023, demand has surged, with Tether’s XAUt market cap rising significantly. However, Chan warned that only a select few applicants are likely to be approved due to stringent requirements. In South Korea, crypto-first movers face challenges as regulators favor established institutions. Lucentblock, a blockchain-based fractional investment firm, was excluded from the shortlist for South Korea’s planned over-the-counter exchange for security token offerings (STOs). This move has raised concerns about regulatory bias and its impact on innovation in the cryptocurrency space. The company’s exclusion highlights broader tensions between traditional financial institutions and crypto pioneers as markets formalize their frameworks. These developments underscore the delicate balance between innovation, regulation, and user needs in the cryptocurrency ecosystem. For readers interested in crypto, these stories highlight the risks of circumventing exchange rules, the cautious approach to emerging stablecoin technologies, and the challenges faced by early adopters in navigating evolving regulatory landscapes.

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Originally published on CoinTelegraph on 1/12/2026