OKX, formerly known as OKEx, is a cryptocurrency exchange and blockchain services company headquartered in San Jose, California. 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]
On April 11, 2018, the company announced plans to expand to Malta, citing the country's regulatory approach to blockchain and digital asset businesses.[7]
In 2018, OKEx reported growth in trading activity, at times ranking among the largest cryptocurrency exchanges by reported volume.[8] The platform also introduced white-label exchange services for institutional clients.[9]
According to Reuters, in February 2021, OKX saw its largest trading volume in history, up 26% from the previous month to $188 billion.[10]
In June 2021, Baidu, Weibo, and other Chinese Internet platforms blocked keywords such as "OKEx", "Binance", and "Huobi".[11] In October 2021, OKX, initially headquartered in Beijing, China,[12] announced that it would stop serving customers in Mainland China due to new regulations.[13] Its founding team has since moved, with few outsourced personnel working in the region.[14]
In January 2022, OKEx rebranded to OKX.[15] 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."[16] 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.[17]
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.[18] The new rulebook allows investors to trade larger tokens while offering safeguards like knowledge tests, appropriate risk profiling and reasonable limits on exposure.[19] 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.[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 July 2023, OKX's offshore market share rose to 11%, nearly doubling from January.[23] 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.[24]
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.[25] In early 2025, OKX produced Mild Mild West, a short film, in partnership with Tribeca Film Festival and Darren Aronofsky.[6] In April 2025, OKX relaunched operations in the United States and relocated its headquarters to San Jose.[26][27]
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.[28]
Tribeca Festival signed OKX as its new top sponsor in June 2022.[29] 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.[30]
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]
