There are many tutorials on X explaining how to transfer funds from Backpack or Kraken to a Hong Kong card, especially to ZA BANK, so I assume many people have this question.

Kraken can only prove that the last hop of funds comes from an overseas exchange, it cannot prove that the source of the funds is not from mainland China.

What banks really want to see includes the following content:

First, whether the Kraken account is your real-name account.

Second, how the money or coins in Kraken originally came.

If it is from your salary overseas, dividends from overseas companies, overseas bank deposits, or earnings from selling coins overseas, that is relatively easy to explain.

Third, whether the coins were purchased from mainland China's OTC, mainland RMB, third-party payment, underground banks, or via transfers from friends.

If it is through such a path, even if the funds are finally transferred from Kraken to ZA, it does not mean the source of funds is compliant, it just adds a layer of an exchange in between.

Fourth, what this money will do after entering ZA.

If it is merely for ordinary savings or consumption, it mainly relates to AML/KYC issues, but if it enters ZA Invest, stocks, funds, ETFs, or Hong Kong and U.S. stock investment accounts, it falls back within the scope of regulation for this document.

It is even more troublesome that Kraken is not on the current licensed VATP list of the Hong Kong Securities and Futures Commission.

The SFC's list includes OSL, HashKey, HKVAX, HKbitEX, Accumulus, DFX, EXIO, PantherTrade, YAX, Bullish, BGE, VDX, Bixincom, etc., and Kraken is not on the list.

So if your money was transferred from an exchange to ZA BANK or another Hong Kong bank, you will still need to explain the source, which I mentioned previously in the CRS.

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