There are tons of tutorials on X about how to transfer funds from Backpack or Kraken to Hong Kong bank accounts, especially ZA BANK, so I guess a lot of you might have this issue. Kraken can only prove that the last hop of funds came from an overseas exchange, but it can't prove that the source of funds isn't from mainland China. What banks actually care about includes the following: 1. Whether the Kraken account is a real-name account under your name. 2. How the money or crypto in Kraken originally came in. If it's from overseas salaries, overseas company dividends, overseas bank deposits, or proceeds from selling crypto overseas, that's relatively easier to explain. 3. Whether the crypto was purchased via mainland China OTC, RMB from the mainland, third-party payments, underground money exchanges, or transfers from friends. If it followed this path, even if it ends up being transferred from Kraken to ZA, it doesn’t mean the source of funds is compliant—it’s just wrapped through an exchange in the middle. 4. What the money is used for after entering ZA. If it’s just for regular savings or spending, it’s mainly an AML/KYC issue. But if it’s going into ZA Invest, stocks, funds, ETFs, or Hong Kong/US investment accounts, then it falls under the scope of the current regulatory framework. What’s even trickier is that Kraken isn’t on the list of licensed VATPs (Virtual Asset Trading Platforms) by the Hong Kong SFC. The SFC’s list includes OSL, HashKey, HKVAX, HKbitEX, Accumulus, DFX, EXIO, PantherTrade, YAX, Bullish, BGE, VDX, Bixincom, etc., but Kraken isn’t on it. So, if your money is transferred from an exchange to ZA BANK or other Hong Kong banks, you still need to explain the source. I actually talked about this back when CRS was a hot topic.