OKEx

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OKEx
Official logo of OKEx.png
Type of businessPrivate
Founded2017
HeadquartersHong Kong
Area servedWorldwide
Key peopleTim Byun (CRO)
Jason Lau (VP of Business Development)
Andy Cheung (COO)
Jovan Gavrilovic (GM)
Lennix Lai (Director) of Financial Markets
IndustryDigital Asset Exchange
ProductsBitcoin, Ethereum, Futures
Employees700 (2018)
Websitewww.okex.com
Alexa rankDecrease 8,060 [1]

OKEx is a cryptocurrency exchange.

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. ^ "okex.com Traffic Statistics". Alexa Internet. Retrieved 2018-10-17.
  2. ^ Tan, Andrea. "Another Giant Cryptocurrency Exchange Is Moving To Tiny Malta". Bloomberg. Retrieved 11 August 2018.
  3. ^ Lam, Eric. "OKEx CEO Resigns Just as Crypto Exchange Becomes World's Biggest". Bloomberg. Retrieved 8 January 2019.
  4. ^ Robertson, Benjamin; Tan, Andrea; Nakamura, Yuki (3 August 2018). "Bitcoin Whale's Bad Trade Leaves Counterparties Holding the Bag". Bloomberg. Retrieved 3 August 2018.