OKX

What is OKX in Crypto?

OKX is a prominent cryptocurrency exchange and Web3 platform, founded in 2013 by Star Xu. Originally launched as OKCoin, it rebranded to OKX in 2017 to reflect its expanded offerings beyond traditional exchange services. Headquartered in San Jose, California, OKX operates globally with offices in regions including Dubai, Singapore, Australia, Brazil, and the European Economic Area.

Core Business and Services

OKX provides a comprehensive suite of digital asset services:

• Cryptocurrency Exchange: Supports over 300 tokens and 500 trading pairs, offering spot, margin, futures, and options trading.
• Web3 Wallet: A self-custody wallet enabling users to manage DeFi assets, NFTs, and participate in decentralized applications.
• Staking and Yield Products: Offers various staking options and structured products for users to earn passive income.
• NFT Marketplace: Facilitates the trading of NFTs across multiple blockchains.
• OKX Ventures: The investment arm that, in 2024, invested over $100 million in more than 60 projects across ecosystems like Solana, Sui, Aptos, TON, and Bitcoin. 

Growth and Expansion

• Global Presence: OKX serves millions of users in over 100 countries, establishing itself as one of the largest cryptocurrency exchanges by trading volume.
• Regulatory Compliance: The exchange holds licenses in multiple jurisdictions, including the U.S., UAE, EU, Singapore, and Australia, emphasizing its commitment to regulatory adherence.
• U.S. Relaunch: In April 2025, OKX relaunched its services in the United States, introducing a centralized exchange and Web3 wallet, and appointed Roshan Robert as the new U.S. CEO. 

Recent Developments

• Proof of Reserves: As of April 2025, OKX published its 30th consecutive Proof of Reserves report, demonstrating over 100% asset backing for 22 major cryptocurrencies.
• McLaren Partnership: OKX collaborated with McLaren Racing to unveil a retro "Riviera Livery" design for the Monaco and Spanish Grand Prix, highlighting their ongoing partnership.
• Tribeca Film Festival Sponsorship: OKX continues to sponsor the Tribeca Film Festival, promoting Web3 adoption through initiatives like the "NFT Lab" and exclusive NFT passes. 

Controversies and Legal Challenges

• U.S. Legal Settlement: In February 2025, Aux Cayes FinTech Co., the operator of OKX, pleaded guilty to violating U.S. anti-money laundering laws. The company agreed to pay over $500 million in fines and forfeitures and to employ an external compliance consultant until February 2027.
• Historical Incidents: In 2018, a trader's large position led to a "socialized clawback," impacting other users. In 2020, OKX temporarily suspended withdrawals due to a police investigation involving a key executive. 

OKX continues to be a significant player in the cryptocurrency industry, offering a wide range of services and maintaining a strong global presence. While it has faced legal challenges, the company has taken steps to enhance compliance and transparency, positioning itself for continued growth in the evolving digital asset landscape.