OKX

Founding and early development

OKX has its origins in Okcoin, a cryptocurrency exchange founded in 2013 by Star Xu.[5] The platform later expanded internationally and launched as OKEx in 2017 in Hong Kong.[6]

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]

Expansion and regulatory changes

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]

Rebranding and global expansion

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]

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.[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]