OKX (company)

OKX, formerly known as OKEx, is one of the largest crypto spot and derivatives trading exchanges. 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. OKX is owned by Ok Group which also owns crypto exchange Okcoin. It is not available to US based investors.

History
The company was launched in 2017 and is headquartered in Seychelles.

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.

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

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.

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.

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

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

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

2022
In January 2022, OKEx rebranded to OKX.

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

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.

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".

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