OKEx

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OKEx
Private
IndustryDigital Asset Exchange
Founded2017
HeadquartersMalta
Area served
Worldwide
Key people
Tim Byun (CRO)
Andy Cheung (Head of Operations)
Lennix Lai (Financial Market Director)
ProductsCryptocurrency exchange
Number of employees
800 (2018)
Websitewww.okex.com

OKEx is a Malta-based cryptocurrency exchange. 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]

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".[4]

References[edit]

  1. ^ Kepler Finance https://kepler.finance/investment-opportunities/companies/okex. Retrieved May 28, 2019. Missing or empty |title= (help)
  2. ^ Tan, Andrea. "Another Giant Cryptocurrency Exchange Is Moving To Tiny Malta". Bloomberg. Retrieved August 11, 2018.
  3. ^ Lam, Eric. "OKEx CEO Resigns Just as Crypto Exchange Becomes World's Biggest". Bloomberg. Retrieved January 8, 2019.
  4. ^ Robertson, Benjamin; Tan, Andrea; Nakamura, Yuki (August 3, 2018). "Bitcoin Whale's Bad Trade Leaves Counterparties Holding the Bag". Bloomberg. Retrieved August 3, 2018.