OKEx

OKEx
Type of business Private
Founded 2014
Headquarters Hong Kong
Area served Worldwide
Key people Tim Byun, Chief Risk Officer
Jason Lau, Vice President of Business Development
Andy Cheung, Chief Operating Officer
Jovan Gavrilovic, General Manager
Lennix Lai, Director of Financial Markets
Industry Digital Asset Exchange
Products Bitcoin, Ethereum, Futures
Employees 675 (2018)
Website www.okex.com

OKEx is a cryptocurrency exchange that provides financial services to global traders who use blockchain technology. The exchange offers "hundreds of tokens and futures trading pairs to help traders optimize their strategy" and claims to have "gained millions of dollars' worth of investments from leading enterprises".[1]

Prominent trading data outlets cite OKEx as one of the largest cryptocurrency exchanges in the world. In August 2018, both Live Coin Watch and CoinMarketCap listed it as the world's second largest cryptocurrency exchange by trading volume and markets served.[2][3] However, a March 2018 study demonstrated that OKEx trading volume is too regular to be true and characterized the exchange as a "ghost town" with "up to 93% of its trading volume being nonexistent".[4][5]

History

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.[6][7]

On June 5, 2018 the exchange launched a token-based ETF, branded as OK06 Exchange-Traded Tracker (OK06ETT) representing a basket of most traded digital assets, the shares of which can be traded as a whole to lower transaction costs and diversify risk.[8]

On July 19, 2018 a Memorandum of understanding has been signed between OKEx and Malta Stock Exchange to launch a security-token platform by the end of the year, operating under the name "OKMSX".[9]

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, a so-called "socialized clawback".[10]

References

  1. ↑ "About Us". okex.com. Retrieved 2018-05-22.
  2. ↑ "Top Cryptocurrency Exchanges | Breakdown by 24hr Volume". Live Coin Watch. Retrieved 2018-08-11.
  3. ↑ "Cryptocurrency Exchange Rankings | CoinMarketCap". coinmarketcap.com. Retrieved 2018-08-11.
  4. ↑ Ribes, Sylvain (2018-03-10). "Chasing fake volume: a crypto-plague". Medium. Retrieved 2018-08-11.
  5. ↑ Coppola, Frances (2018-06-01). "Cryptocurrency Trader Says The Market Is Manipulated". Forbes.com. Retrieved 2018-08-11.
  6. ↑ "World's Second Largest Crypto Exchange OKEx Moves To 'Blockchain Island' Of Malta". Cointelegraph. 2018-04-12. Retrieved 2018-08-09.
  7. ↑ Tan, Andrea. "Another Giant Cryptocurrency Exchange Is Moving To Tiny Malta". Bloomberg. Retrieved 11 August 2018.
  8. ↑ "Another Crypto Exchange Is Rolling Out a Token-based ETF - CoinDesk". CoinDesk. 2018-06-05. Retrieved 2018-08-09.
  9. ↑ "Malta Stock Exchange, Crypto Exchange OKEx to Launch Security Tokens Trading Platform". Cointelegraph. 2018-07-19. Retrieved 2018-08-09.
  10. ↑ 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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