OKEx Reviews for May 2024

The gossip columns were abuzz after OKEx founder Star Xu’s LinkedIn status suddenly displayed he was in San Francisco. The leader of the second largest exchange by volume had been under scrutiny this year considering the harsh regulations coming towards exchanges. His abrupt arrival in the US indicates that OK Group is serious about its divorce from China, and will be able to target new markets without fear of disruptions from law enforcement. OKEx has enjoyed strong growth in the past few months are now pushing hard on the GameFi and NFT segments, hoping to gain an edge over the competition.

Its list of supported coins is quite large, and growing all the time. You will find all the major popular coins, as well as others, lesser-known options that the exchange has deemed worthy of adding to the list. As for its security, the exchange is good at keeping customers' details and private keys confidential, and it features 2FA. The exchange is also restricted in quite a few areas, including Hong Kong and the US.

The OKex exchange offers the standard crypto-to-crypto trading most common for cryptocurrency exchanges as well as fiat to cryptocurrency trading. For now, unfortunately, Chinese Yuan is the only fiat currency supported. The exchange supports well over a hundred cryptocurrencies and tokens with the regular addition of new options. Margin trading is also provided on the platform and the maximum 20:1 leverage available is the highest of any cryptocurrencies exchanged, or CFDs broker. Due to their price volatility, margin trading is generally limited to 20:1 in cryptocurrencies markets. OKex also offers futures trading for Bitcoin, Ethereum and EOS with weekly, bi-weekly and monthly contracts available. Leveraged margin trading is also available for futures contracts. A recent addition to the exchange’s suite of additional functionalities has been the addition of algorithmic trading tools.

OKEx is expanding its decentralized finance footprint with a DeFi Hub and a marketplace for creating and selling NFTs. Global crypto exchange OKEx is ramping up its decentralized finance (DeFi) efforts with the introduction of the DeFi Hub, a decentralized digital asset ecosystem that includes a marketplace for nonfungible tokens (NFTs). According to a Sep. 2 announcement, the crypto spot and derivatives exchange launched its DeFi Hub with two initial tools, NFT Marketplace and DeFi Dashboard. The NFT Marketplace enables users to mint their own NFTs to sell with a royalty fee that is set by the creator. Users would be able to import NFTs from other supported platforms like OKExChain to the OKEx NFT Marketplace, where they can buy, sell or trade nonfungible tokens “with zero fees paid out to OKEx.” The new DeFi Hub requires a connection with the OKEx Wallet, a multi-chain decentralized wallet offered by the exchange as a browser extension. It offers a holistic view of users’ decentralized assets across major blockchain networks and protocols with a DeFi Dashboard feature. Underscoring the need for a comprehensive system for the fast-growing NFT market, OKEx director Lennix Lai said that the DeFi Hub aims to accelerate the adoption of nonfungible tokens with the NFT Marketplace. “We’re also thrilled to launch DeFi Dashboard to bring much-needed improvements to users’ visualizations of their cryptocurrency portfolios," he added. Widely used as a new way to create digital arts, NFTs are verifiably unique representations of digital and physical goods. Since they are nonfungible like a regular currency, their value is set by the buyers’ appetite and a seven-figure pricetag for digital art is not uncommon in the NFT world. With the growing demand for this new form of digital ownership, NFT marketplaces are becoming the new frontier not only within the crypto ecosystem but in the broad technology world as well. Last month, Chinese e-commerce giant Alibaba launched an NFT marketplace to allow trademark holders to sell tokenized licenses to their intellectual property.

Crypto asset exchange OKEx has suspended cryptocurrency withdrawals, announcing that one of the holders of its private keys is “currently cooperating with a public security bureau” concerning ongoing “investigations.” The exchange noted that it has been “out of touch” with the key-holder, preventing the “associated authorization” from being completed. OKEx plans to resume digital asset withdrawals “immediately” once the key-holder “is able to authorize the transaction.”

The alleged detention of one of the owners of the private key, which is required to withdraw funds from the exchange, has led to an increase in the negative impact on Bitcoin. Although the site's management assures that there is no reason for panic, and the claims of law enforcement agencies do not relate to the activities of the exchange, according to Whale Alert, almost $ 23 million worth of cryptocurrencies were withdrawn from the exchange a few hours before the announcement. Just a few weeks ago, a similar situation happened with BitMEX. however, Bitcoin was able to quickly "digest" this news and move on. The situation with OKEx may develop in the framework of the global fight against money laundering through centralized exchanges, so such events in the near future can happen to many large platforms.

The current rollback of the bitcoin price occurs against the backdrop of news about the suspension of withdrawal of funds in one of the largest crypto-exchanges - OKEx in connection with the alleged detention of one of the private key holders. Although the management of the exchange claims that the claims of law enforcement agencies are not related to the activities of the exchange, a few hours before the announcement, significant volumes of BTC and other large cryptocurrencies were still withdrawn from the site. The news around OKEx appeared literally a few weeks after a similar situation with BitMEX, where the authorities were claiming the exchange itself.