{{Short description|International, multi-language cryptocurrency exchange}} {{for|the compilation album|Stereogum Presents... OKX: A Tribute to OK Computer}} {{Use mdy dates|date=November 2017}} {{Infobox company | name = OKX | logo = OKX_logo.svg | logo_size = | type = Privately held company | industry = Cryptocurrency | predecessor = Okcoin, OKEx | founded = 2013 | founder = Star Xu | hq_location_city = [Seychelles]<ref>url=https://www.okx.com/learn/how-to-contact-okx-support</ref>San Jose, California<ref name="nil">{{Cite web |last=Niksa |first=Matthew |date=2022-04-22 |title=Did crypto outfit just move to San Jose from SF? |url=https://therealdeal.com/san-francisco/2022/04/22/did-crypto-outfit-just-shift-hq-to-san-jose-from-san-francisco/ |access-date=2025-04-15 |website=The Real Deal |language=en}}</ref> | hq_location_country = United States | key_people = {{hlist|Star Xu (CEO) |Hong Fang (President) |Haider Rafique (CMO) |Linda Lacewell (CLO) }} | products = Cryptocurrency Exchange, NFT Marketplace, OKX Wallet, Cryptocurrencies | area_served = Worldwide | owner = | num_employees = 5,000+ | num_employees_year = 2025 | parent = | website = {{URL|https://www.okx.com/}} }} '''OKX''', formerly known as '''OKEx''', is a worldwide cryptocurrency exchange and blockchain services company. The platform offers trading in digital assets, as well as services including decentralized finance (DeFi) access through its OKX Wallet. The company was founded by Star Xu and rebranded from OKEx to OKX in 2022.<ref>{{Cite web |last=Birnbaum |first=Justin |date=June 30, 2023 |title=Defying Crypto Turmoil, Manchester City Signs $70 Million-Plus Sponsorship Deal With Exchange OKX |url=https://www.forbes.com/sites/justinbirnbaum/2023/06/30/defying-crypto-turmoil-manchester-city-signs-70-million-plus-sponsorship-deal-with-exchange-okx/ |access-date=2023-08-07 |website=Forbes |language=en}}</ref><ref>{{Cite web |last=Melker |first=Scott |date=2024-06-24 |title=World's second-largest crypto exchange, OKX, eyes U.S. rebrand |url=https://www.thestreet.com/crypto/markets/worlds-second-largest-crypto-exchange-okx-eyes-us-rebrand |access-date=2025-04-15 |website=TheStreet |language=en}}</ref><ref>{{Cite web |last=Macheel |first=Tanaya |date=2025-04-16 |title=Global crypto exchange OKX pushes into U.S. market with trading and wallet offering |url=https://www.cnbc.com/2025/04/16/global-crypto-exchange-okx-pushes-into-us-market-with-trading-wallet-offering.html |access-date=2025-05-14 |website=CNBC |language=en}}</ref>
In March 2026, NYSE parent Intercontinental Exchange invested in OKX, pushing the company's valuation to USD$25 billion.<ref>{{Cite news |last=Bhandari |first=Ateev |last2=Basil |first2=Arasu |date=March 5, 2026 |title=Crypto exchange OKX valuation hits $25 billion after NYSE parent invests |url=https://www.reuters.com/business/crypto-exchange-okx-valuation-hits-25-billion-after-nyse-parent-invests-2026-03-05/ |access-date=May 22, 2026 |work=Reuters}}</ref>
== History == === Founding and early development === OKX has its origins in Okcoin, a cryptocurrency exchange founded in 2013 by Star Xu.<ref>{{Cite web |last=WHub |title=About OKLink / OKCoin - WHub |url=https://whub.io/startups/oklink-technology |access-date=2025-05-15 |website=#startupPassion. 4,300+ Startups. Discover, Join,.}}</ref> The platform later expanded internationally and launched as OKEx in 2017 in Hong Kong.<ref name=":1">{{Cite web |last=Berger |first=Eric |date=10 January 2025 |title='Mild Mild West,' the OKX short film bringing together the worlds of crypto and cinema |url=https://www.campaignlive.com/article/mild-mild-west-okx-short-film-bringing-together-worlds-crypto-cinema/1901965 |access-date=2025-04-15 |website=Campaign |language=en}}</ref>
On April 11, 2018, the company announced plans to expand to Malta, citing the country's regulatory approach to blockchain and digital asset businesses.<ref name=":2">{{Cite news|url=https://www.bloomberg.com/news/articles/2018-04-12/another-giant-cryptocurrency-exchange-is-moving-to-tiny-malta|title=Another Giant Cryptocurrency Exchange Is Moving To Tiny Malta|last=Tan|first=Andrea|website=Bloomberg|date=April 12, 2018 |access-date=11 August 2018}}</ref>
=== Expansion and regulatory changes === In 2018, OKEx reported growth in trading activity, at times ranking among the largest cryptocurrency exchanges by reported volume.<ref name="Finance Magates 2018-06-20">{{cite news |url=https://www.financemagnates.com/cryptocurrency/news/want-cryptocurrency-exchange-okex-launches-white-label-service/ |title=OKEx to Launch Cryptocurrency Exchange White Label Service |work=Finance Magnates |date=2018-06-20 |access-date=2020-08-17}}</ref> The platform also introduced white-label exchange services for institutional clients.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2018-05-14/okex-ceo-resigns-just-as-crypto-exchange-becomes-world-s-biggest|title=OKEx CEO Resigns Just as Crypto Exchange Becomes World's Biggest|last=Lam|first=Eric|website=Bloomberg|date=May 14, 2018 |access-date=8 January 2019}}</ref>
According to Reuters, in February 2021, OKX saw its largest trading volume in history, up 26% from the previous month to $188 billion.<ref name="Reuters 2021-03-05">{{cite news |url=https://www.reuters.com/article/us-crypto-currency-idUSKBN2AX14D |title=Cryptocurrency trading volumes spike 17% in February |work=Reuters |date=2021-03-05 |accessdate=2021-04-01}}</ref>
In June 2021, Baidu, Weibo, and other Chinese Internet platforms blocked keywords such as "OKEx", "Binance", and "Huobi".<ref>{{Cite web|title=Baidu, Weibo block keywords "Binance" "Huobi" "OKEx"|url=https://finance.eastmoney.com/a/202106091955679218.html |publisher=International Financial Times|date=June 10, 2021}}</ref> In October 2021, OKX, initially headquartered in Beijing, China,<ref>{{cite web |date=2021-09-27 |title=China bans virtual currency trading altogether |url=https://www.ndrc.gov.cn/fggz/gjhz/zywj/202109/t20210927_1297844_ext.html |website=National Development and Reform Commission}}</ref> announced that it would stop serving customers in Mainland China due to new regulations.<ref>{{cite web |last=Si |first=Linwei |date=2021-10-13 |title=OKEx Announces Maintaining "Exit from Mainland China" Policy |url=https://www.jiemian.com/article/6695821.html |website=Jiemian News}}</ref> Its founding team has since moved, with few outsourced personnel working in the region.<ref>{{cite web |date=December 7, 2021 |title=Huobi to stop trading for users in mainland China |url=https://www.zaobao.com.sg/realtime/china/story20211207-1220727 |website=Lianhe Zaobao}}</ref>
=== Rebranding and global expansion === In January 2022, OKEx rebranded to OKX.<ref>{{Cite web|title=OKX rebrands as cross-platform services provider|url=https://ibsintelligence.com/ibsi-news/okx-rebrands-as-cross-platform-services-provider/|access-date=2022-01-18|website=IBS Intelligence|language=en-US}}</ref> 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."<ref>{{Cite web |last=Thomas |first=Aby Sam |date=2022-11-11 |title=Going All In: Haider Rafique, Global Chief Marketing Officer, OKX |url=https://www.entrepreneur.com/en-ae/leadership/going-all-in-haider-rafique-global-chief-marketing/438952 |access-date=2025-04-15 |website=Entrepreneur |language=en}}</ref> In March 2022, OKX rejected calls to ban Russian crypto trading.{{Citation needed|date=March 2026}} 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.<ref>{{cite web |last=Al-Rashdan |first=Leen |title=Crypto Exchange OKX Gets Dubai License, Set to Open Hub in City |website=Bloomberg.com |date=2022-07-14 |url=https://www.bloomberg.com/news/articles/2022-07-14/crypto-exchange-okx-gets-dubai-license-set-to-open-hub-in-city |access-date=2023-02-14}}</ref>
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.<ref>{{Cite web|url=https://www.scmp.com/tech/tech-trends/article/3210963/crypto-exchanges-huobi-okx-eye-hong-kong-licences-regulators-ready-new-virtual-asset-rules|title=Crypto exchanges Huobi, OKX to apply for Hong Kong licences under new regime|date=February 21, 2023|website=South China Morning Post}}</ref> The new rulebook allows investors to trade larger tokens while offering safeguards like knowledge tests, appropriate risk profiling and reasonable limits on exposure.<ref>{{cite web | last=Wong | first=Kiuyan | title=Hong Kong Lets Retail Investors Trade Crypto in New Rules | website=Bloomberg.com | date=2023-05-23 | url=https://www.bloomberg.com/news/articles/2023-05-23/hong-kong-to-step-up-push-for-crypto-hub-in-contrast-with-clampdowns-in-asia | access-date=2023-06-15}}</ref> 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.<ref name="Bloombergvid">{{cite web | title=OKX on Business Expansion Plans | website=Bloomberg | date=2023-04-12 | url=https://www.bloomberg.com/news/videos/2023-04-12/okx-on-business-expansion-plans-video | access-date=2023-06-15}}</ref>
In March 2023, OKX applied for a virtual asset license in Hong Kong, two months before the city officially made crypto trading fully legal.<ref>{{cite web | last=Pan | first=Che | title=Cryptocurrency exchange OKX to apply for virtual asset licence in Hong Kong as city overhauls regulations South China Morning Post | website=South China Morning Post | date=2023-03-29 | url=https://www.scmp.com/tech/big-tech/article/3215123/cryptocurrency-exchange-okx-apply-virtual-asset-licence-hong-kong-city-overhauls-regulations | access-date=2023-07-25}}</ref> In April 2023, OKX incorporated in France and has since announced plans to build out its European hub in Paris.<ref>{{cite web | last=Nicolle | first=Emily | title=Crypto Exchange OKX Sets Up Shop in Paris, Seeks Regulatory Approval | website=Bloomberg | date=2023-05-23 | url=https://www.bloomberg.com/news/articles/2023-05-23/okx-sets-up-shop-in-paris-seeks-regulatory-approval | access-date=2023-07-03}}</ref>
In July 2023, OKX's offshore market share rose to 11%, nearly doubling from January.<ref>{{cite web |last=Yang |first=Yueqi |title=Binance's Lead in Offshore Market Share Shrinks as Rivals Gain Ground |website=Bloomberg.com |date=2023-07-18 |url=https://www.bloomberg.com/news/articles/2023-07-18/binance-s-lead-in-offshore-market-share-falls-as-rivals-gain-ground |access-date=2023-09-05}}</ref> 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.<ref>{{cite web |last=Droulers |first=Annabelle |title=Why Hong Kong Wants to Be a Hub for the Crypto Sector |website=Bloomberg.com |date=2023-07-05 |url=https://www.bloomberg.com/news/articles/2023-07-05/why-hong-kong-wants-to-be-a-hub-for-the-crypto-sector |access-date=2023-09-05}}</ref>
=== Recent developments=== 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.<ref>{{Cite web |agency=Reuters |date=2024-11-18 |title=Crypto exchange OKX launches Singapore dollar funds transfer service for local customers {{!}} New Straits Times |url=https://www.nst.com.my/business/corporate/2024/11/1136084/crypto-exchange-okx-launches-singapore-dollar-funds-transfer |access-date=2024-11-18 |website=NST Online |language=en}}</ref> In early 2025, OKX produced ''Mild Mild West'', a short film, in partnership with Tribeca Film Festival and Darren Aronofsky.<ref name=":1" /> In April 2025, OKX relaunched operations in the United States and relocated its headquarters to San Jose.<ref name=":0">{{Cite web |last=Weiss |first=Ben |title=OKX relaunches U.S. exchange one month after $500 million settlement with DOJ |url=https://fortune.com/crypto/2025/04/15/okx-relaunch-us-exchange-wallet-san-jose-california-new-ceo-roshan-robert/ |access-date=2025-04-16 |website=Fortune |language=en}}</ref><ref>{{Cite web |date=April 26, 2022 |title=Cryptocurrency firm agrees to move to downtown San Jose office tower |url=https://www.mercurynews.com/2022/04/26/cryptocurrency-okcoin-lease-downtown-san-jose-office-tech-real-estate/}}</ref>
== 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.<ref>{{Cite web |date=2022-09-27 |title=OKX and McLaren Racing Unveil Cyberpunk-Inspired "Future Mode" Livery |url=https://hypebeast.com/2022/9/okx-mclaren-racing-future-mode-livery-unveil-info |access-date= |website=Hypebeast}}</ref>
Tribeca Festival signed OKX as its new top sponsor in June 2022.<ref name=":3">{{cite web | last=Coffee | first=Patrick | title=Tribeca Festival Signs Crypto Trading Desk OKX as Its New Top Sponsor | website=WSJ | date=2022-06-01 | url=https://www.wsj.com/articles/tribeca-festival-signs-crypto-trading-desk-okx-as-its-new-top-sponsor-11654081202 | access-date=2023-10-10}}</ref> 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.<ref name=":4">{{cite web | last=Goldsmith | first=Jill | title=Tribeca Festival 2022 Sets Crypto Platform OKX As New Presenting Sponsor | website=Deadline | date=2022-06-01 | url=https://deadline.com/2022/06/tribeca-festival-2022-crypto-platform-okx-presenting-sponsor-1235036462/ | access-date=2023-10-10}}</ref>
==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".<ref name="clawback">{{cite news |last1=Robertson |first1=Benjamin |last2=Tan |first2=Andrea |last3=Nakamura |first3=Yuki |title=Bitcoin Whale's Bad Trade Leaves Counterparties Holding the Bag |url=https://www.bloomberg.com/news/articles/2018-08-03/a-massive-losing-bet-on-bitcoin-futures-has-investors-buzzing |access-date=3 August 2018 |work=Bloomberg News |date=3 August 2018}}</ref>
On October 16, 2020 OKX temporarily suspended withdrawals as the founder cooperated with a police investigation.<ref>{{Cite web |title=Exclusive: OKEx Suspends Cryptocurrency Withdrawals - Caixin Global |url=https://www.caixinglobal.com/2020-10-17/exclusive-okex-suspends-cryptocurrency-withdrawals-101615674.html |access-date=2023-08-07 |website=www.caixinglobal.com |language=en}}</ref><ref>{{Cite web |title=China's OKEx suspends cryptocurrency withdrawals |url=https://asia.nikkei.com/Spotlight/Caixin/China-s-OKEx-suspends-cryptocurrency-withdrawals |access-date=2023-08-07 |website=Nikkei Asia |language=en-GB}}</ref> On November 19, 2020 OKX announced that withdrawals would reopen and will resume on or before November 27.<ref name="Bloomberg 2020-11-19">{{cite news |url=https://www.bloomberg.com/news/articles/2020-11-19/crypto-exchange-okex-to-resume-withdrawals-as-issue-resolved |work=Bloomberg News |date=2020-11-19 |title=Chinese Crypto Mogul Emerges After Probe That Forced OKEx Halt| archive-url=https://archive.today/20210626194057/https://www.bloomberg.com/news/articles/2020-11-19/crypto-exchange-okex-to-resume-withdrawals-as-issue-resolved | archive-date=2021-06-26 | url-status=live|author=Joanna Ossinger and Zheping Huang}}</ref>
==See also== * List of cryptocurrency exchanges * Cryptocurrency * List of Bitcoin companies
==References== {{reflist}}
==External links== * {{Official website|https://www.okx.com}}
{{Cryptocurrency exchanges}}
Category:Bitcoin companies Category:Bitcoin exchanges Category:Cryptocurrency exchanges Category:Internet properties established in 2017