OKX

For the compilation album, see Stereogum Presents... OKX: A Tribute to OK Computer.

OKX
Company typePrivately held company
IndustryCryptocurrency
PredecessorOkcoin, OKEx
Founded2013
FounderStar Xu
Headquarters
San Jose, California[1]
,
United States
Area served
Worldwide
Key people
ProductsCryptocurrency Exchange, NFT Marketplace, OKX Wallet, Cryptocurrencies
Number of employees
5,000+ (2025)
Websitewww.okx.com

OKX, formerly known as OKEx, is a San Jose-headquartered[2][3] blockchain technology company that operates the second-largest cryptocurrency exchange in terms of daily trading volume,[4][5] and provides access to decentralized finance (DeFi) through its OKX Wallet.[6] The company was rebranded to OKX in 2017.

OKX had partnership with the Tribeca Film Festival.[7][8]

History

2013-2018: Company beginnings

In 2013, Star Xu founded cryptocurrency exchange Okcoin,[9] which was later rebranded to OKX, which Xu officially launched in 2017 in Hong Kong.[10] 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.[11]

2018–2021: Exchange growth

In May 2018, OKX became the world's largest cryptocurrency exchange by reported turnover.[12] 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.[13] According to Reuters, in February 2021, OKX saw its largest trading volume in history, up 26% from the previous month to $188 billion.[14]

In June 2021, Baidu, Weibo, and other Chinese Internet platforms blocked keywords such as "OKEx", "Binance", and "Huobi".[15] In October 2021, OKX, initially headquartered in Beijing, China,[16] announced that it would stop serving customers in Mainland China due to new regulations.[17] Its founding team has since moved, with few outsourced personnel working in the region.[18]

2022–2023: Rebrand and expansion

In January 2022, OKEx rebranded to OKX.[19] The rebrand was led by CMO Haider Rafique, and was part of the company's mission to be "the world's most beloved crypto exchange."[20] In March 2022, OKX rejected calls to ban Russian crypto trading. In July 2022, OKX received a provisional virtual asset license in Dubai, which would allow OKX to provide access to some products and services to investors in the United Arab Emirates.[21]

In February 2023, OKX, along with other exchanges, applied for licenses in Hong Kong. The licenses are a new requirement to operate in the city that go into effect in June.[22] The new rulebook allows investors to trade larger tokens while offering safeguards like knowledge tests, appropriate risk profiling and reasonable limits on exposure.[23] In an interview with Bloomberg, OKX President Hong Fang said OKX will continue building banking relationships in Hong Kong and different jurisdictions. According to Fang, OKX's business strategy will focus on building technology and maintaining long-term consistency instead of short-term trading profit.[24]

In March 2023, OKX applied for a virtual asset license in Hong Kong, two months before the city officially made crypto trading fully legal.[25] In April 2023, OKX incorporated in France and has since announced plans to build out its European hub in Paris.[26]

In July 2023, OKX's offshore market share rose to 11%, nearly doubling from January.[27] In August 2023, Hong Kong began issuing licenses under a new system to regulate crypto exchanges offering trading in tokens like Bitcoin and Ethereum. OKX has reported it will apply for a license.[28]

2024–2025

In November 2024, OKX announced that they would be offering instant denominated deposits and withdrawals in Singapore dollars to Singaporeans, with the funds transfer service facilitated by DBS Group.[29] In early 2025, OKX produced Mild Mild West, a short film, in partnership with Tribeca Film Festival and Darren Aronofsky.[10] In April 2025, OKX relaunched operations in the United States and relocated its headquarters to San Jose.[2]

Sponsorship and advertising

In September of the same year, OKX and McLaren unveiled a cyberpunk-inspired livery by enhancing the iconic Fluro Papaya colorway with flourishes of pink and cyberpunk-inspired engine illustrations for the 2022 Singapore and Japanese Grands Prix.[30]

Tribeca Festival signed OKX as its new top sponsor in June 2022.[7] At Tribeca events, OKX holds exclusivity for non-fungible token (NFT) marketplaces, cryptocurrency exchanges, usage of social tokens, and De-Fi and Game Fi trading categories.[8]

Criticism and controversies

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 the time—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, the so-called "socialized clawback".[31]

On October 16, 2020 OKX temporarily suspended withdrawals as the founder cooperated with a police investigation.[32][33] On November 19, 2020 OKX announced that withdrawals would reopen and will resume on or before November 27.[34]

See also

References

  1. ^ Niksa, Matthew (April 22, 2022). "Did crypto outfit just move to San Jose from SF?". The Real Deal. Retrieved April 15, 2025.
  2. ^ a b Weiss, Ben. "OKX relaunches U.S. exchange one month after $500 million settlement with DOJ". Fortune. Retrieved April 16, 2025.
  3. ^ "Cryptocurrency firm agrees to move to downtown San Jose office tower". April 26, 2022.
  4. ^ Birnbaum, Justin (June 30, 2023). "Defying Crypto Turmoil, Manchester City Signs $70 Million-Plus Sponsorship Deal With Exchange OKX". Forbes. Retrieved August 7, 2023.
  5. ^ Melker, Scott (June 24, 2024). "World's second-largest crypto exchange, OKX, eyes U.S. rebrand". TheStreet. Retrieved April 15, 2025.
  6. ^ Macheel, Tanaya (April 16, 2025). "Global crypto exchange OKX pushes into U.S. market with trading and wallet offering". CNBC. Retrieved May 14, 2025.
  7. ^ a b Coffee, Patrick (June 1, 2022). "Tribeca Festival Signs Crypto Trading Desk OKX as Its New Top Sponsor". WSJ. Retrieved October 10, 2023.
  8. ^ a b Goldsmith, Jill (June 1, 2022). "Tribeca Festival 2022 Sets Crypto Platform OKX As New Presenting Sponsor". Deadline. Retrieved October 10, 2023.
  9. ^ WHub. "About OKLink / OKCoin - WHub". #startupPassion. 4,300+ Startups. Discover, Join,. Retrieved May 15, 2025.
  10. ^ a b Berger, Eric (January 10, 2025). "'Mild Mild West,' the OKX short film bringing together the worlds of crypto and cinema". Campaign. Retrieved April 15, 2025.
  11. ^ Tan, Andrea (April 12, 2018). "Another Giant Cryptocurrency Exchange Is Moving To Tiny Malta". Bloomberg. Retrieved August 11, 2018.
  12. ^ Lam, Eric (May 14, 2018). "OKEx CEO Resigns Just as Crypto Exchange Becomes World's Biggest". Bloomberg. Retrieved January 8, 2019.
  13. ^ "OKEx to Launch Cryptocurrency Exchange White Label Service". Finance Magnates. June 20, 2018. Retrieved August 17, 2020.
  14. ^ "Cryptocurrency trading volumes spike 17% in February". Reuters. March 5, 2021. Retrieved April 1, 2021.
  15. ^ "Baidu, Weibo block keywords "Binance" "Huobi" "OKEx"". International Financial Times. June 10, 2021.
  16. ^ "China bans virtual currency trading altogether". National Development and Reform Commission. September 27, 2021.
  17. ^ Si, Linwei (October 13, 2021). "OKEx Announces Maintaining "Exit from Mainland China" Policy". Jiemian News.
  18. ^ "Huobi to stop trading for users in mainland China". Lianhe Zaobao. December 7, 2021.
  19. ^ "OKX rebrands as cross-platform services provider". IBS Intelligence. Retrieved January 18, 2022.
  20. ^ Thomas, Aby Sam (November 11, 2022). "Going All In: Haider Rafique, Global Chief Marketing Officer, OKX". Entrepreneur. Retrieved April 15, 2025.
  21. ^ Al-Rashdan, Leen (July 14, 2022). "Crypto Exchange OKX Gets Dubai License, Set to Open Hub in City". Bloomberg.com. Retrieved February 14, 2023.
  22. ^ "Crypto exchanges Huobi, OKX to apply for Hong Kong licences under new regime". South China Morning Post. February 21, 2023.
  23. ^ Wong, Kiuyan (May 23, 2023). "Hong Kong Lets Retail Investors Trade Crypto in New Rules". Bloomberg.com. Retrieved June 15, 2023.
  24. ^ "OKX on Business Expansion Plans". Bloomberg. April 12, 2023. Retrieved June 15, 2023.
  25. ^ Pan, Che (March 29, 2023). "Cryptocurrency exchange OKX to apply for virtual asset licence in Hong Kong as city overhauls regulations South China Morning Post". South China Morning Post. Retrieved July 25, 2023.
  26. ^ Nicolle, Emily (May 23, 2023). "Crypto Exchange OKX Sets Up Shop in Paris, Seeks Regulatory Approval". Bloomberg. Retrieved July 3, 2023.
  27. ^ Yang, Yueqi (July 18, 2023). "Binance's Lead in Offshore Market Share Shrinks as Rivals Gain Ground". Bloomberg.com. Retrieved September 5, 2023.
  28. ^ Droulers, Annabelle (July 5, 2023). "Why Hong Kong Wants to Be a Hub for the Crypto Sector". Bloomberg.com. Retrieved September 5, 2023.
  29. ^ "Crypto exchange OKX launches Singapore dollar funds transfer service for local customers | New Straits Times". NST Online. Reuters. November 18, 2024. Retrieved November 18, 2024.
  30. ^ "OKX and McLaren Racing Unveil Cyberpunk-Inspired "Future Mode" Livery". Hypebeast. September 27, 2022.
  31. ^ Robertson, Benjamin; Tan, Andrea; Nakamura, Yuki (August 3, 2018). "Bitcoin Whale's Bad Trade Leaves Counterparties Holding the Bag". Bloomberg News. Retrieved August 3, 2018.
  32. ^ "Exclusive: OKEx Suspends Cryptocurrency Withdrawals - Caixin Global". www.caixinglobal.com. Retrieved August 7, 2023.
  33. ^ "China's OKEx suspends cryptocurrency withdrawals". Nikkei Asia. Retrieved August 7, 2023.
  34. ^ Joanna Ossinger and Zheping Huang (November 19, 2020). "Chinese Crypto Mogul Emerges After Probe That Forced OKEx Halt". Bloomberg News.{{cite news}}: CS1 maint: deprecated archival service (link)
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