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OKX

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

OKX
TypePrivately held company
IndustryCryptocurrency
PredecessorOkcoin, OKEx
Founded2013
FounderStar Xu
Headquarters
San Jose, California[1]
,
United States
Area served
Worldwide
ProductsCryptocurrency Exchange, NFT Marketplace, OKX Wallet, Cryptocurrencies
Websitewww.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.[2][3][4]

In March 2026, NYSE parent Intercontinental Exchange invested in OKX, pushing the company's valuation to US$25 billion.[5]

History

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OKX started as Okcoin, a cryptocurrency exchange founded in 2013 by Star Xu.[citation needed] The platform later expanded internationally and launched as OKEx in 2017 in Hong Kong.[6]

In June 2021, Baidu, Weibo, and other Chinese Internet platforms blocked keywords such as "OKEx", "Binance", and "Huobi".[7] In October 2021, OKX, initially headquartered in Beijing, China,[8] announced that it would stop serving customers in Mainland China due to new regulations.[9] Its founding team has since moved, with few outsourced personnel working in the region.[10]

In January 2022, OKEx rebranded to OKX.[11] 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."[12] In March 2022, OKX rejected calls to ban Russian crypto trading.[citation needed]

In early 2025, OKX produced Mild Mild West, a short film, in partnership with Tribeca Film Festival and Darren Aronofsky.[6]

Sponsorship and advertising

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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.[13]

Tribeca Festival signed OKX as its new top sponsor in June 2022.[14] 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.[15]

Criticism and controversies

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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".[16]

On October 16, 2020 OKX temporarily suspended withdrawals as the founder cooperated with a police investigation.[17][18] On November 19, 2020 OKX announced that withdrawals would reopen and will resume on or before November 27.[19]

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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.[20]

In March 2023, OKX applied for a virtual asset license in Hong Kong, two months before the city officially made crypto trading fully legal.[21]

In April 2023, OKX incorporated in France and has since announced plans to build out its European hub in Paris.[22]

In April 2025, OKX relaunched operations in the United States and relocated its headquarters to San Jose.[23][24]

See also

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References

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  1. ^ Niksa, Matthew (April 22, 2022). "Did crypto outfit just move to San Jose from SF?". The Real Deal. Retrieved April 15, 2025.
  2. ^ Birnbaum, Justin (June 30, 2023). "Defying Crypto Turmoil, Manchester City Signs $70 Million-Plus Sponsorship Deal With Exchange OKX". Forbes. Retrieved August 7, 2023.
  3. ^ Melker, Scott (June 24, 2024). "World's second-largest crypto exchange, OKX, eyes U.S. rebrand". TheStreet. Retrieved April 15, 2025.
  4. ^ Macheel, Tanaya (April 16, 2025). "Global crypto exchange OKX pushes into U.S. market with trading and wallet offering". CNBC. Retrieved May 14, 2025.
  5. ^ Bhandari, Ateev; Basil, Arasu (March 5, 2026). "Crypto exchange OKX valuation hits $25 billion after NYSE parent invests". Reuters. Retrieved May 22, 2026.
  6. ^ 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.
  7. ^ "Baidu, Weibo block keywords "Binance" "Huobi" "OKEx"". International Financial Times. June 10, 2021.
  8. ^ "China bans virtual currency trading altogether". National Development and Reform Commission. September 27, 2021.
  9. ^ Si, Linwei (October 13, 2021). "OKEx Announces Maintaining "Exit from Mainland China" Policy". Jiemian News.
  10. ^ "Huobi to stop trading for users in mainland China". Lianhe Zaobao. December 7, 2021.
  11. ^ "OKX rebrands as cross-platform services provider". IBS Intelligence. Retrieved January 18, 2022.
  12. ^ Thomas, Aby Sam (November 11, 2022). "Going All In: Haider Rafique, Global Chief Marketing Officer, OKX". Entrepreneur. Retrieved April 15, 2025.
  13. ^ "OKX and McLaren Racing Unveil Cyberpunk-Inspired "Future Mode" Livery". Hypebeast. September 27, 2022.
  14. ^ Coffee, Patrick (June 1, 2022). "Tribeca Festival Signs Crypto Trading Desk OKX as Its New Top Sponsor". WSJ. Retrieved October 10, 2023.
  15. ^ Goldsmith, Jill (June 1, 2022). "Tribeca Festival 2022 Sets Crypto Platform OKX As New Presenting Sponsor". Deadline. Retrieved October 10, 2023.
  16. ^ 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.
  17. ^ "Exclusive: OKEx Suspends Cryptocurrency Withdrawals - Caixin Global". www.caixinglobal.com. Retrieved August 7, 2023.
  18. ^ "China's OKEx suspends cryptocurrency withdrawals". Nikkei Asia. Retrieved August 7, 2023.
  19. ^ 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)
  20. ^ Al-Rashdan, Leen (July 14, 2022). "Crypto Exchange OKX Gets Dubai License, Set to Open Hub in City". Bloomberg.com. Retrieved February 14, 2023.
  21. ^ 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.
  22. ^ Nicolle, Emily (May 23, 2023). "Crypto Exchange OKX Sets Up Shop in Paris, Seeks Regulatory Approval". Bloomberg. Retrieved July 3, 2023.
  23. ^ Weiss, Ben. "OKX relaunches U.S. exchange one month after $500 million settlement with DOJ". Fortune. Retrieved April 16, 2025.
  24. ^ "Cryptocurrency firm agrees to move to downtown San Jose office tower". April 26, 2022.
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