OKX (company)

OKX, formerly known as OKEx, is one of the largest crypto spot and derivatives trading exchanges.[2] OKX is a Seychelles-based cryptocurrency exchange that provides a platform for trading various instruments such as spot and derivative. Some of the exchange's core features include spot and derivative trading. It was founded in 2017.[3] OKX is owned by Ok Group which also owns crypto exchange Okcoin.[4][5][6] It is not available to US based investors.[7]

OKX
Type of site
Privately held company
Founded2017 (2017)
HeadquartersSeychelles[1]
Area servedWorldwide
Key peopleJay Hao (CEO)
IndustryCryptocurrency
ProductsBitcoin, Bitcoin Cash, Ethereum, Litecoin, Cryptocurrency Exchange
Employees1,000+ (2020)
URLhttp://www.okx.com
Current statusActive

History

The company was launched in 2017 and is headquartered in Seychelles.[7]

2018

On April 11, 2018 the company announced its expansion to Malta, given the country's efforts to provide a sound regulatory framework for blockchain businesses and digital asset exchanges.[8]

In May 2018, the exchange became the world's largest cryptocurrency exchange by reported turnover.[9]

In June 2018, the platform became one of the largest exchanges to launch and offer a cryptocurrency exchange white label service where applicants must have solid industry experience and $2.5 million in their accounts.[10]

2019

In November 2019, new digital asset exchange rules were announced by the Hong Kong Securities & Futures Commission (SFC). According to Reuters, OKX said that they don't expect to see a large number of exchanges opting into the new regulations but said the new rules are positive for the industry.[11]

On November 19, 2019 the cryptocurrency exchange said that they previously opened their Indian Telegram group a year prior to opening their Indian operations.[12]

On November 25, 2019, the company announced four major partners for its global utility token "OKB".[13]

2021

According to Reuters, in February 2021 OKX saw their biggest trading volume in history, up 26% from the previous month to $188 billion.[14] Typically after a new cryptocurrency coin listing on OKX, the new coin has showed a positive price jump five days later.[15]

2022

In January 2022, OKEx rebranded to OKX.[16][17]

In March 2022, OKX rejected calls to ban Russian crypto trading.[18] In the same month, football team Manchester City F.C announced a partnership with OKX as their official cryptocurrency partner.[19][20]

Controversy

In March 2018, some major cryptocurrency exchanges were said to be charging up to one million dollars to have their tokens listed. In a response to Insider, a PR manager for OKX denied this saying there is no listing fees for any tokens.[21]

On July 30, 2018 a trader reportedly bought bitcoin futures with a $416 million notional value on margin, before being forced by the exchange to liquidate his position at a large loss. The exchange injected 2,500 Bitcoins - worth about $18 million at current prices - into an insurance fund to help minimize the impact on clients. However, to cover for the outstanding amount, traders who had made an unrealized profit during the previous week still had to pay a clawback rate of 17 percent, so-called "socialized clawback".[22]

On October 16, 2020 OKX temporarily suspended withdrawals following its founders alleged arrest.[23][24] On November 19, 2020 OKX announced that withdrawals would reopen and will resume on or before November 27.[25]

See also

References
  1. "LinkedIn About".
  2. "OKX overtakes global crypto exchanges as 2nd largest, rebrands as cross-platform services provider". Financial Post. January 18, 2022. Retrieved March 30, 2022.
  3. "Malta's Authorities Remain Committed to Making Country a "Blockchain Island," Despite Binance and Other Crypto Exchanges Not Being Licensed". Crowd Fund Insider. March 1, 2020. Retrieved August 31, 2020.
  4. "OKEx Review: Pros, Cons, and More | The Ascent by Motley Fool". The Motley Fool. July 26, 2021. Retrieved August 6, 2021.
  5. "Squid Game's star cast-promoted Klaycity to list crypto token on OKX". mint. March 17, 2022. Retrieved March 19, 2022.
  6. "Cryptocurrency Derivative Exchange Ranking by Open Interest (Perpetual Contracts, Futures)". CoinGecko. Retrieved March 19, 2022.
  7. "OKX Review". Investopedia. Retrieved March 19, 2022.
  8. Tan, Andrea. "Another Giant Cryptocurrency Exchange Is Moving To Tiny Malta". Bloomberg. Retrieved August 11, 2018.
  9. Lam, Eric. "OKEx CEO Resigns Just as Crypto Exchange Becomes World's Biggest". Bloomberg. Retrieved January 8, 2019.
  10. "OKEx to Launch Cryptocurrency Exchange White Label Service". Finance Magnates. June 20, 2018. Retrieved August 17, 2020.
  11. "OSL leaps on new Hong Kong rules with crypto exchange license bid". Reuters. November 7, 2019. Retrieved September 15, 2020.
  12. "Telegram takes off in India as startups drive adoption". India Times. November 19, 2019. Retrieved September 15, 2020.
  13. "Bitcoin Daily: Singapore Blockchain Firm To Boost Philippine Startups With $300K Fund; OKEx Crypto Exchange Lands New Partners For OKB Coin". PYMNTS. November 25, 2019. Retrieved August 28, 2020.
  14. "Cryptocurrency trading volumes spike 17% in February". Reuters. March 5, 2021. Retrieved April 1, 2021.
  15. "Excitement over the 'Coinbase effect' is spilling over ahead of its stock market debut". Fortune. April 7, 2021. Retrieved April 13, 2021.
  16. "OKEx Rebrands To OKX, Expands Into Financial Services". Benzinga. January 18, 2022. Retrieved January 18, 2022.
  17. "OKX rebrands as cross-platform services provider". IBS Intelligence. Retrieved January 18, 2022.
  18. PYMNTS (March 2, 2022). "Binance, OKX Reject Ban on Russian Crypto". www.pymnts.com. Retrieved March 19, 2022.
  19. Birnbaum, Justin. "Manchester City Announces Multimillion-Dollar Deal With Crypto Exchange OKX". Forbes. Retrieved March 19, 2022.
  20. "Manchester City sign 'multimillion dollar' OKX crypto exchange deal". SportsPro. March 7, 2022. Retrieved March 19, 2022.
  21. "Crypto exchanges are charging up to $1 million per ICO to list tokens: 'It's pure capitalism'". Insider Inc. March 12, 2018. Retrieved August 31, 2020.
  22. Robertson, Benjamin; Tan, Andrea; Nakamura, Yuki (August 3, 2018). "Bitcoin Whale's Bad Trade Leaves Counterparties Holding the Bag". Bloomberg. Retrieved August 3, 2018.
  23. Exclusive: OKEx Suspends Cryptocurrency Withdrawals After Founder’s Arrest - Caixin Global
  24. Bloomberg - Are you a robot?
  25. "Chinese Crypto Mogul Emerges After Probe That Forced OKEx Halt". Bloomberg. November 19, 2020. Retrieved November 20, 2020.
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