OKX formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It offers basic trading including spot and simple options, and derivatives including margin, futures, perpetual swaps, and options. Other products include trading bots, block trading, OKX Earn (savings, stablecoins, DeFi, staking, ETH 2.0, etc.), crypto loans, and Jumpstart, the exchange's launchpad. ^[1]

Overview

Previously known as OKEx, OKX is a cryptocurrency exchange established in 2017 and owned by OK Group. Founded by Mingxing "Star" Xu in 2013, the platform aims to offer a range of services including spot, margin, futures, and DeFi trading, and serves users in over 100 countries.

Operating with global offices in Hong Kong, Singapore, the UAE, Silicon Valley, and the Bahamas, OKX provides exchange services through its Seychelles and Bahamas entities, while Web3 services are available in the U.S. The OKX wallet is designed to support over 30 networks and includes features such as a crypto hot wallet, decentralized exchange (DEX), NFT marketplace, and DApps. Additionally, OKX has its own blockchain OKTC, X Layer, and native token, OKB.

In January 2022, the company rebranded from OKEx to OKX, introducing new branding and strategic goals.^[1][41]

History

OKX (formerly OKEx) is a subsidiary of OKCoin owned by OK Group. OKCoin was founded by Mingxing "Star" Xu back in 2013 and OKX was launched in 2017. It is headquartered in Seychelles.

Xu is a Chinese entrepreneur and the CEO of OK Group. Jay Hao joined OKX as their CEO in November 2018.^[2]

2018

On April 11, 2018, OKX declared its expansion into Malta due to the country's effort to offer a reliable regulatory environment for blockchain enterprises and digital asset exchanges. ^[3]

In May 2018, OKX's former CEO Chris Lee resigned due to personal reasons just as the exchange was named the world's largest cryptocurrency exchange by reported turnover. ^[4][22]

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. ^[5]

2019

In 2019, OKEx introduced a market maker program designed to offer reduced trading fees to users who completed KYC verification and held assets exceeding 20 Bitcoin. This program featured zero maker fees across spot, futures, and perpetual swaps, with varied taker fees. Perpetual swaps, introduced by OKEx in December of the previous year, allowed indefinite speculation on Bitcoin’s value.

The company also aimed to expand the utility of its OKB token through partnerships. OKB was listed on Ledger’s hardware wallet, and on Vietnamese exchanges Aliniex and Bvnex, as well as being accepted by Cryptomall. ^[6][42]

2020

In 2020, OKEx halted withdrawals after reports that founder Mingxing Xu was being questioned by police, resulting in an 11% drop in OKB's value. The company indicated that other operations continued normally and that asset security was not compromised. OKX aimed to resume unrestricted withdrawals by November 27, 2020, following security checks, and planned to introduce user loyalty rewards as an acknowledgment of the disruption.^[43][44]

2021

In February 2021, OKX recorded its highest trading volume at $188 billion, marking a 26% increase from the previous month. The company launched the DeFi Hub, featuring an NFT Marketplace for minting and trading digital art, and a DeFi Dashboard for managing assets across multiple blockchains.

OKX also introduced the OKX Wallet, available as a browser plugin and mobile app. Additionally, OKX, in partnership with MXC, allocated $40 million to support development on the Solana network. ^[7][45][46]

2022

In January 2022, OKEx rebranded to OKX

“OKX is moving beyond the standard centralized exchange model to give our customers an end-to-end cryptocurrency experience, Most importantly, we’re doing this while upholding the core principles of crypto — decentralization, and autonomy. Our goal is to give customers the tools they need to easily and securely earn, transfer, and spend their wealth as they see fit, without intermediation from us. We’ve dropped the “E” from our name because we’re so much more than an exchange, just like crypto is so much more than a speculative asset.”

said Jay Hao, CEO of OKX. ^[8]

In March 2022, OKX rejected calls to ban Russian crypto trading. ^[9] In the same month, football team Manchester City F.C. announced a partnership with OKX as their official cryptocurrency partner.^[10][14]

In May 2022, OKX signed a sponsorship deal with McLaren Racing^[23] as a primary partner ^[11]

“We are thrilled to announce this primary partnership with OKX ahead of the Miami GP. In a rapidly evolving field, OKX is a long-established crypto brand that brings innovation, analytics and accuracy to accomplish great things"

said Zak Brown, CEO of McLaren Racing.

In November 2022, OKX expanded to the Bahamas with new registration and regional office. The crypto exchange registered as a Digital Asset Business in the Bahamas and formed a subsidiary, OKX Bahamas. ^[15]

In the middle of December 2022, the crypto space was amazed by another step of Twitter boss Elon Musk, who suddenly started following the account of the OKX exchange founded by “Star” Xu on Twitter. OKB soared immediately from $22.97 to $24.15 with the trading volume showing an increase as well, adding around $3 million. ^[24]

2023

In 2023, OKX experienced several notable events. ZA Bank, a leading virtual bank in Hong Kong, announced plans to establish an operating account with OKX. The exchange updated its marketing practices in the UK to adhere to new FCA regulations, which require unregistered crypto firms to obtain authorization for financial promotions.

OKX introduced an upgraded futures trading platform, substituting Perpetual Swap Contracts with Perpetual Futures and renaming Future Contracts as Expiry Futures. The company addressed a vulnerability in its iOS wallet, though no user funds were reported affected. Additionally, OKX added a "Buy With Card" feature for its decentralized wallet and expanded its services to Brazil and Dubai, where it secured a preparatory license for spot, derivatives, and fiat transactions.^{[47][48][49][50][51][52][53]}

2024

On January 16, 2024, OKX Middle East Fintech FZE, the Dubai-based affiliate of OKX received regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This authorization allows OKX to extend its crypto services to retail clients alongside its existing offerings for institutional customers. VARA granted OKX Middle East a Virtual Asset Service Provider (VASP) license, specifically designed for exchange services. ^[34]

“The future of digital assets and capital markets lies in the hands of regulated entities, and Dubai, along with VARA, has succeeded in establishing a distinctive environment that fosters the growth of Virtual Asset Service Providers. The MENA region holds immense potential to become a hub of excellence for Web3 and virtual assets. We eagerly anticipate the chance to further enhance the already flourishing ecosystem throughout the region.” - Rifad Mahasneh , OKX General Manager for the MENA Region

In July 2024, OKX suspended naira withdrawals and announced it would exit Nigeria by mid-August, attributing this decision to changes in local laws. The company also chose Malta as its new base for EU operations to comply with the Markets in Crypto-Assets (MiCA) regulations, aiming to align with the EU's regulatory requirements. ^[54][55]

OKX Racer Game Launch

On July 22, 2024, OKX launched a Telegram game that asks gamers to guess Bitcoin’s price every five seconds. The game also asks users to link their OKX account for future “surprises,” suggesting potential benefits for players. ^[58][59]

In OKX Racer, players predict if Bitcoin's price will rise ("moon") or fall ("doom") every five seconds. They have 10 guesses before waiting for a refill, which occurs every 1 minute and 30 seconds, similar to stamina bars in tap-to-earn games on Telegram. When the player guesses Bitcoin’s movement correctly, they earn points—but guessing incorrectly doesn’t cause a loss of points. If the guesser hits a streak of correct answers, then a multiplier boosts the amount of points earned. ^[58]

Products

OKTChain

OKTC, or OKTChain, is a layer 1 blockchain developed on Cosmos with EVM compatibility. It aims to provide high scalability and interoperability through the Inter-Blockchain Communication (IBC) protocol. The blockchain seeks to support developers by offering low gas fees and efficient performance. Additionally, OKTC features a multi-chain Web3 interface to facilitate a seamless experience for developers and users.^[36][21]

OKT

OKT is the native token of the OKTC ecosystem, designed to facilitate functions such as voting, staking, and transaction fee payments on the OKTChain. It aims to support decentralized exchanges, DeFi applications, and participation in NFT, GameFi, and Web3 projects on OKTC. The initial supply of 10 million OKT tokens was distributed to OKB holders starting December 31, 2020. The total supply is capped at just under 42 million, with OKT also serving roles in network security and governance through staking and voting.^{[37][38][21][39]}

stOKT

stOKT is a KIP20 token that represents staked OKT. It is designed to automatically integrate staking rewards into its value. The number of stOKT tokens remains constant, but their value fluctuates to include both the initial staked OKTs and accumulated rewards. Users can claim their staked OKTs and rewards by unstaking through the protocol. Therefore, 1 stOKT does not equate to 1 OKT, but rather represents a portion of the total staked OKT and its rewards.^[40]

OKX Wallet

OKX Wallet is a Web3 wallet that provides access to DeFi, GameFi, NFTs, and associated services in the OKX Web3 ecosystem and beyond. It enables users to create, trade, and generate passive income. OKX Wallet’s most basic function is a simple Web3 wallet to manage the crypto asset keys. ^[30][31][32]

OKX NFT Marketplace

OKX NFT Marketplace is a decentralized NFT Marketplace running across Ethereum, Solana, OKC, Polygon, BNB Chain, Avalanche C, Immutable X, Aptos, Arbitrum, Optimism, and Klaytn. Users can create and trade NFTs across these different blockchains and platforms. ^[33]

OKX Earn

Earn on OKX offers a range of investment options to generate interest on assets, including Staking, Loan, and third-party DeFi services. ^[26]

Staking

Staking is a way to earn rewards by locking crypto assets in proof-of-stake (PoS) networks. The rewards are determined by the ratio of the staked amount to the total staked amount, and staking helps to run the network and participate in its governance. ^[25]

Dual Investment

Dual Investment allows users to maximize their profits by choosing a major crypto pair to trade (e.g., BTC - USDT, ETH - USDT). Once subscribed, users can obtain steady returns in either of the cryptocurrencies, depending on their target price. On the date of expiration, buyers will receive the crypto they invest in if the target price is reached. Otherwise, they will have their stablecoins back, along with their interests. Likewise, sellers will receive their returns in stablecoins if they reach the target price at expiration, or have their crypto back, along with the interest. ^[27]

Flash Deals

Flash Deals on OKX are exclusive Earn offers with high rewards and low risks. Flash Deals have limited terms and amounts and appear on an irregular basis. ^[28]

Fixed Income

OKX's Fixed Income provides users with the opportunity to invest in crypto loans and achieve stable and secure returns. Users can choose from a variety of currency types and loan periods based on their individual risk preferences. Fixed Income also ensures the security of assets while providing an outlet for idle assets. ^[29]

Trading Bots

OKX offers customizable trading bots designed to automate trading strategies, aiming to lower trading risks and costs. The Bot Marketplace allows users to share and replicate various bots, including grid and DCA bots. The Signal Marketplace provides access to premium trading signals for automated transactions.

The spot grid bot operates by placing buy and sell orders at regular intervals around a base price, while the futures grid bot follows a similar approach within the futures market. The spot DCA bot aims to lower average trade costs by placing incremental orders during price declines.

These trading bots are available at no cost to all users.^[56]

OKX Shark-Fin

Shark-Fin is a principal-protected savings product designed to provide higher APYs if the asset’s value remains within a predefined range at expiry. It aims to guarantee the initial principal and a basic return regardless of market conditions.

The product allows for speculation on both bullish and bearish trends in BTC and ETH. Subscriptions and earnings are in USDT, with options for three-day or seven-day terms. It does not incur additional fees.^[57]

Tokenomics

OKB

Launched in March 2018, OKB is the utility token of the OKX exchange. It aims to provide up to a 40% discount on trading fees, depending on trading volume. Holding OKB also offers potential access to new crypto projects through the OKX Jumpstart initiative and enables participation in staking rewards via OKX Earn. Additionally, OKB is intended to be used with various partners, such as CryptoHopper and Enjin, to manage fees and virtual game assets.^[35]

Controversies

On February 24, 2018, the Dongguan Public Security Bureau officially opened a criminal case against OKX for possible "illegal futures trading" or, more seriously, "fraud". ^[12]

On March 10, 2018, Sylvain Ribes^[13], a trader and investor, published an article titled Chasing fake volume: a crypto-plague, in which he concluded from an analysis of publicly available data that approximately 93% of trading volume on OKX was faked. ^[13]

On September 5, 2018, the exchange experienced problems such as app flashbacks, inability to log into the platform, and inability to view contracts. Subsequently, many investors crowded Beijing, where the institution was headquartered at the time, to defend their rights. On the evening of the 10th of the same month, the founder of the exchange, Star Xu, was summoned by the Shanghai public security authorities to assist in the investigation of alleged digital currency fraud. ^[16][17]

In October 2020 OKX temporarily suspended withdrawals following its founder's Star Xu alleged arrest. On November 19, 2020, OKX announced that withdrawals would reopen and will resume on or before November 27. ^[18][19][20]