OKEx
 | |
| Private | |
| ISIN | 🆔 |
| Industry | Cryptocurrency |
| Founded 📆 | 2017 |
| Founder 👔 | |
Area served 🗺️ | Worldwide |
Key people | Jay Hao (CEO) |
| Products 📟 | Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Cryptocurrency Exchange |
| Members | |
Number of employees | 1,000+ (2020) |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
OKEx is a Malta-based cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Some of the exchange's core features include spot and derivative trading. It was founded in 2017.[1]
History
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.[2]
In May 2018, the exchange became the world's largest cryptocurrency exchange by reported turnover.[3]
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.[4]
2019
In November 2019, the company announced four major partners for its global utility token "OKB".[5]
2020
In February 2020, OKEx announced that its own blockchain called OKChain was going to begin testing. The Malta-based crypto exchange first disclosed that it was developing a blockchain, along with a decentralized exchange (DEX) built on top of it, in March 2020.[6]
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_Inc. a PR manager for OKEx denied this, saying there are no listing fees for any tokens.[7]
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".[8]
See Also
External Links
References
- ↑ "Malta's Authorities Remain Committed to Making Country a "Blockchain Island," Despite Binance and Other Crypto Exchanges Not Being Licensed". Crowd Fund Insider. 2020-03-01. Retrieved 2020-08-31.
- ↑ Tan, Andrea. "Another Giant Cryptocurrency Exchange Is Moving To Tiny Malta". Bloomberg. Retrieved 11 August 2018.
- ↑ Lam, Eric. "OKEx CEO Resigns Just as Crypto Exchange Becomes World's Biggest". Bloomberg. Retrieved 8 January 2019.
- ↑ "OKEx to Launch Cryptocurrency Exchange White Label Service". Finance Magnates. 2018-06-20. Retrieved 2020-08-17.
- ↑ "Bitcoin Daily: Singapore Blockchain Firm To Boost Philippine Startups With $300K Fund; OKEx Crypto Exchange Lands New Partners For OKB Coin". PYMNTS. 2019-11-25. Retrieved 2020-08-28.
- ↑ "Why Bitcoin Exchanges Are Building Their Own Blockchain". Forbes. 2020-04-28. Retrieved 2020-08-17.
- ↑ "Crypto exchanges are charging up to $1 million per ICO to list tokens: 'It's pure capitalism'". Insider_Inc. 2018-03-12. Retrieved 2020-08-31.
- ↑ Robertson, Benjamin; Tan, Andrea; Nakamura, Yuki (3 August 2018). "Bitcoin Whale's Bad Trade Leaves Counterparties Holding the Bag". Bloomberg. Retrieved 3 August 2018.
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