OKEx
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| Private | |
| Industry | Cryptocurrency |
| Founded | 2017 |
Area served | Worldwide |
Key people | Jay Hao(CEO) |
| Products | Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Cryptocurrency Exchange |
Number of employees | 1,000+(2020) |
| Website | www |
OKEx is a Malta-based cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Some of exchange's core features include spot and derivative trading. It was founded in 2017.[1]
History[edit]
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]
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".[5]
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 is developing a blockchain, along with a decentralized exchange (DEX) built on top of it, in March 2020.[6]
References[edit]
- ^ "OKEx". Kepler Finance. Retrieved May 28, 2019.
- ^ Tan, Andrea. "Another Giant Cryptocurrency Exchange Is Moving To Tiny Malta". Bloomberg. Retrieved August 11, 2018.
- ^ Lam, Eric. "OKEx CEO Resigns Just as Crypto Exchange Becomes World's Biggest". Bloomberg. Retrieved January 8, 2019.
- ^ "OKEx to Launch Cryptocurrency Exchange White Label Service". Finance Magnates. June 20, 2018. Retrieved August 17, 2020.
- ^ Robertson, Benjamin; Tan, Andrea; Nakamura, Yuki (August 3, 2018). "Bitcoin Whale's Bad Trade Leaves Counterparties Holding the Bag". Bloomberg. Retrieved August 3, 2018.
- ^ "Why Bitcoin Exchanges Are Building Their Own Blockchain". Forbes. April 28, 2020. Retrieved August 17, 2020.
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