OKX

OKX
OKX logo
Company type	Privately held company
Industry	Cryptocurrency
Predecessor	Okcoin OKEx
Founded	2013
Founder	Star Xu
Headquarters	San Jose, California,1 United States
Area served	Worldwide
Key people	Star Xu (CEO) Haider Rafique (CMO) Jeff Ren (CIO) Hong Fang (President)
Products	Cryptocurrency exchange NFT marketplace OKX Wallet Cryptocurrencies
Number of employees	5,000+ (2025)
Website	www.okx.com

OKX, formerly known as OKEx, is a blockchain technology company that operates one of the world’s largest cryptocurrency exchanges by daily trading volume and provides access to decentralized finance (DeFi) services through its OKX Wallet. It is headquartered in San Francisco. ¹It is the world’s second-largest cryptocurrency exchange and is pursuing a U.S. rebrand, consolidating services under a single name while aligning with regulatory requirements and operational infrastructure.²

OKX Wallet is a secure, multichain cryptocurrency wallet enabling users to store, swap, and manage digital assets while accessing decentralized applications without relying on intermediaries.³

Star Xu (born 1985), a Chinese entrepreneur and cryptocurrency expert, is the founder and CEO of OKCoin, a major Bitcoin exchange in China, which was rebranded as OKEx in 2017. ⁴ In October 2024, OKX launched a licensed cryptocurrency exchange in the United Arab Emirates, offering retail and institutional trading, following VARA’s crackdown on unlicensed operators to ensure regulatory compliance.⁵

Ever since its launch, the company has extended its operations to Singapore, Brazil, Australia, and the Republic of Türkiye, providing trading, DeFi access, and Web3 wallet services.^{6 7 8}

By 2025, OKX had approximately 5,000 employees and launched its U.S. exchange and Web3 wallet. The company appointed Roshan Robert as the U.S. CEO under the name OKX, Inc.⁹¹⁰

It was registered with FinCEN, licensed across multiple U.S. jurisdictions, and holds full MiCA authorization in Malta, in addition to licenses in other international markets.¹¹¹²¹³ In 2022, OKX became the Tribeca Festival’s presenting sponsor, replacing previous partners, supporting festival programming, and signaling increased engagement between cryptocurrency platforms and global cultural institutions.¹⁴

¹ The Real Deal “Did crypto outfit just move to San Jose from SF?”, Achieved, Retrieved April 2022

² The Street “World's second-largest crypto exchange, OKX, eyes U.S. rebrand”, Achieved, Retrieved June 2024

³ Plasma “What is OKX Wallet?”, Achieved, Retrieved December 2025

⁴ Prnasia “The China King of Bitcoin: Star Xu”, Achieved, Retrieved June 2014

⁵ The Fintech Times “OKX Launches Licensed Crypto Exchange in UAE Amid VARA’s Regulatory Crackdown”, Achieved, Retrieved October 2024

⁶ Fintech “OKX”, Achieved, Retrieved January 2025

7 The Fintech Times “OKX Tailors to Growing Crypto Desires in Brazil, Launching Exchange and Web3 Wallet”, Achieved, Retrieved November 2023

8 The Fintech Times “OKX Commits to Australian Crypto Market with Sydney Office and Local Expert Team”, Achieved, Retrieved May 2024

History

Star Xu founded OKCoin in 2013, which was officially rebranded as OKX in 2022, advancing exchange infrastructure and CeFi–Web3 ¹⁵integration. In 2025, OKX promoted cryptocurrency self-custody at the Tribeca Festival through a teaser short film titled Mild Mild West, produced in collaboration with Chromista, featuring prominent actors and distributed globally through festival partnerships.¹⁶

In July 2018, Malta enacted comprehensive blockchain and cryptocurrency legislation, becoming the first jurisdiction to provide legal certainty for distributed ledger technologies, earning recognition as the “Blockchain Island.”^{17 18}

Exchange Growth: 2018–2021

In June 2018, OKEx announced a white-label cryptocurrency exchange program, enabling qualified partners to launch branded trading platforms using its infrastructure, technology, and compliance systems.¹⁹

In February 2021, global cryptocurrency trading volumes rose 17% to $2.7 trillion, driven by institutional adoption, with major exchanges capturing increased market share, according to CryptoCompare data reported by Reuters.²⁰

In June 2021, Chinese platforms Baidu and Weibo reportedly restricted searches for cryptocurrency exchanges such as Huobi, Binance, and OKEx amid heightened regulatory scrutiny. By October 2021, OKEx, originally established in Beijing, China, underwent organizational changes.²¹

Later, OKEx announced its withdrawal from mainland China, following Huobi and Binance, citing regulatory compliance and maintaining an international market focus with overseas operations and staff.²² Huobi announced the cessation of trading services for mainland Chinese users.

following Binance and OKEx, completing the withdrawal of China’s three major cryptocurrency exchanges amid strengthened national regulatory measures.²³

Rebrand and Expansion: 2022–2023

In January 2022, OKEx rebranded as OKX, positioning itself as a cross-platform services provider.²⁴ Haider Rafique, Global Chief Marketing Officer of OKX, led the company’s rebranding from OKEx, aiming to expand global recognition and position it as a customer-centric cryptocurrency exchange.²⁵

Binance and OKX declined calls to block Russian cryptocurrency transactions, citing neutrality, even as trading in ruble bitcoin and ruble Tether pairs surged amid sanctions following Russia’s invasion of Ukraine.²⁶

Later, OKX obtained a provisional license from Dubai’s Virtual Assets Regulatory Authority (VARA), enabling it to offer exchange products to qualified investors and establish a regional hub in the United Arab Emirates.²⁷

OKX, registered under the Bahamas’ Digital Assets and Registered Exchanges Act, announced plans to expand its local workforce to approximately 100 employees over three years, establishing a regional hub for the Caribbean.²⁸

OKX, the world’s second-largest cryptocurrency exchange by trading volume, released its January 2023 Proof of Reserves report, confirming $7.5 billion held in BTC, ETH, and USDT, representing the largest fully verified “clean” asset reserves among major exchanges.^{29 30}

Huobi Global and OKX, both founded in mainland China, announced plans to apply for Hong Kong licences, aligning with new regulations requiring crypto exchanges to obtain authorisation for retail operations. ³¹Hong Kong’s Securities and Futures Commission established a regulatory framework for cryptocurrencies, permitting retail investors to trade approved large-cap tokens on licensed platforms with safeguards, including risk profiling and limits on investment exposure.^{32 33}

In 2023, Hong Fang, President of OKX, discussed the future of Bitcoin, stablecoins, and financial infrastructure, emphasizing CeFi-DeFi integration, self-custody wallets, Proof of Reserves, regulatory compliance, and global-local organizational strategies, ^{34 35}and planned to apply for a virtual asset licence in Hong Kong, positioning the company to operate under upcoming regulations and support the city’s development as a global cryptocurrency hub.³⁶

In May 2023, OKX filed an application to become a registered Digital Asset Service Provider in France, aiming to expand its European presence and operate under AMF and ACPR regulations.³⁷

OKX Wallet became the first multi-chain platform to enable viewing and transferring Bitcoin ordinals, supporting BTC Taproot addresses and integrating upcoming minting and trading functionality via its NFT Marketplace.³⁸

By June 2023, OKX partnered with regulated custody provider Komainu, integrating Komainu Connect to enable institutional clients to trade segregated assets securely 24/7, reducing counterparty risk and enhancing custody solutions.³⁹

In 2023, Binance’s global spot market share declined amid U.S. regulatory actions and fee changes, while competitors OKX, Huobi, and Bybit increased their trading volumes.⁴⁰ In the same year, Hong Kong issued its first retail cryptocurrency licenses, approving HashKey and OSL to provide digital asset trading services, while additional exchanges, including OKX and Huobi, continued applying.⁴¹

In August 2023, OKX partnered with CoinRoutes to enable institutional clients to access full API-enabled trading, combining CeFi and DeFi liquidity for best execution, advanced algorithms, and transaction cost analysis.⁴²

Expansion and Marketing: 2024–2025

In October 2024, Jay Hao, former CEO of OKX, joined Indian blockchain startup CIFDAQ as co-founder and global COO, focusing on launching a centralized crypto exchange, wallet services, and security-led growth.⁴³

In the same year, cryptocurrency exchange OKX launched Singapore dollar deposit and withdrawal services, integrating with DBS Bank via PayNow and FAST, following regulatory approval from the Monetary Authority of Singapore. ⁴⁴By 2025, OKX released Mild Mild West, a short film marking its first major crypto marketing campaign, created in partnership with the Tribeca Film Festival and filmmaker Darren Aronofsky’s advertising company.⁴⁵

In April 2025, OKX relaunched its U.S. crypto exchange, introduced a new wallet for American users, and appointed Roshan Robert as U.S. CEO, following a $500 million Department of Justice settlement.⁴⁶

⁹ Finextra Research, “OKX goes on the offensive in the US with new exchange, Web3 wallet and CEO”, Achieved, Retrieved April 2025

¹⁰ Pitch book “Company Profile: OKX Overview”, Achieved

¹¹OKX “U.S. Licenses” Achieved, Retrieved August 2024

¹² Reuters “Crypto exchange OKX secures Dubai licence to target retail clients” Achieved, Retrieved January 2024

¹³ Cointelegraphy “OKX and Crypto.com secure full MiCA licenses in European Union”, Achieved, Retrieved January 2025

¹⁴ WSJ  “Tribeca Festival Signs Crypto Trading Desk OKX as Its New Top Sponsor”, Achieved, Retrieved June 2022

¹⁵ OneKey “Star Xu (Xu Mingxing): OKX Founder and the Architect of the Exchange Era”, Achieved, Retrieved October 2025

¹⁶ Campaign “‘Mild Mild West,’ the OKX short film bringing together the worlds of crypto and cinema”, Achieved, Retrieved January 2025

¹⁷ Global Law Experts “Malta Becomes World’s First Blockchain Island Following New Regulation”, Achieved, Retrieved 7 years ago

¹⁸ Science Direct “Regulatory landscape of blockchain assets: Analyzing the drivers of NFT and cryptocurrency regulation”, Achieved, Retrieved March 2025

¹⁹  Finance Magnates “OKEx to Launch Cryptocurrency Exchange White Label Service”, Achieved, Retrieved June 2018

²⁰ Reuters “Cryptocurrency trading volumes spike 17% in February: CryptoCompare”, Achieved, Retrieved March 2021

²¹ Finance east money “Cryptocurrency regulation tightens! Baidu and Weibo ban "Huobi," "Binance," and "OKEx."”, Achieved, Retrieved June 2021

²² Jiemaian “Quick Look | Following Huobi and Binance, OKEx announces it will maintain its policy of "exiting the Chinese mainland market"”, Achieved, Retrieved October 2021

²³ Zaobao “Huobi will cease trading for mainland Chinese users; all three major platforms have announced their withdrawal from the market this year.”, Achieved, Retrieved December 2021

²⁴ Ibs Intelligence “OKX rebrands as cross-platform services provider”, Achieved, Retrieved January 2022

²⁵ Entrepreneur “Going All In: Haider Rafique, Global Chis ief Marketing Officer, OKX”, Achieved, Retrieved November 2022

²⁶ Pymnts “Binance, OKX Reject Calls to Ban Russian Crypto Transactions”, Achieved, Retrieved March 2022

²⁷ The Block “OKX joins growing list of crypto companies approved to operate in Dubai”, Achieved, Retrieved July 2022

²⁸ Eyewitness News “Crypto exchange OKX looking to increase staff to 100 over three years”, Achieved, Retrieved December 2022

²⁹ OKX “OKX publishes January Proof of Reserves report, shows largest 100% clean asset reserves among major exchanges”, Achieved, Retrieved January 2023  

³⁰ Springer “Active tokens and crypto-asset valuation”, Achieved, Retrieved March 2025

³¹ SCMP “Crypto exchanges Huobi, OKX eye Hong Kong licences as regulators ready new virtual asset rules”, Achieved, Retrieved  February 2023

³² Investing “Hong Kong Unveils Crypto Rulebook: Will Allow Retail Trading”, Achieved, Retrieved May 2023

³³ The Business Time “Hong Kong lets retail investors trade crypto in new rules that contrast with clampdowns in Asia”, Achieved, Retrieved May 2023

³⁴ Root Data “OKX President Hong Fang Talks About the Future of BTC, Stablecoins, and Financial Infrastructure”, Achieved, Retrieved December 2025

³⁵ Block Works “Tech-first, trust-next: OKX’s roadmap for regaining consumer confidence”, Achieved, Retrieved September 2023

³⁶ SCMP “Cryptocurrency exchange OKX to apply for virtual asset licence in Hong Kong as city overhauls regulations”, Achieved, Retrieved March 2023

³⁷ Chain Wire “OKX Applies for Regulatory Approval in France - Chainwire”, Achieved, Retrieved May 2023

³⁸ OKX “OKX Wallet Becomes First Multi-Chain Platform to Enable Viewing and Transfer of Bitcoin Ordinals”, Achieved, Retrieved April 2023

³⁹ OKX “OKX Partners with Komainu, Enabling 24/7 Secure Trading of Segregated Assets Under Custody for Institutions”, Achieved, Retrieved June 2023

⁴⁰ Pymnts “Binance Market Share Drops Amid Regulatory Pressure and Fee Changes”,  Achieved, Retrieved  July 2023

⁴¹ Binance “Hong Kong’s first batch of cryptocurrency retail business licenses have been issued! More exchanges are still applying”, Achieved, Retrieved August 2023

⁴² Finance Feeds “OKX’s institutional clients can now trade via CoinRoutes for best execution” Achieved, Retrieved August 2023

⁴³ Your Story “Former OKX CEO Jay Hao joins Indian blockchain startup CIFDAQ as co-founder”, Achieved, Retrieved October 2024

⁴⁴ New Straits Times “Crypto exchange OKX launches Singapore dollar funds transfer service for local customers”, Achieved,  Retrieved November 2024

⁴⁵ Campaign “‘Mild Mild West,’ the OKX short film bringing together the worlds of crypto and cinema”, Achieved,  Retrieved January 2025

Sponsorship and Advertising

Manchester City FC and OKX

In March 2022, Manchester City announced a multi-year partnership with cryptocurrency exchange OKX, naming it the club’s official crypto exchange partner across men’s, women’s, and esports teams, in a multimillion-dollar agreement.⁴⁷ In July 2022, OKX became Manchester City’s Official Training Kit Partner for the 2022–23 season, featuring on men’s and women’s first-team training kits, expanding its existing cryptocurrency exchange partnership.⁴⁸

By February 2023, OKX and Manchester City players launched OKX Collective, an immersive metaverse platform offering fans exclusive Web3 content, virtual experiences, and digital collectibles developed in collaboration with selected first-team players.⁴⁹

In July 2023, Manchester City upgraded its partnership with OKX, naming the crypto exchange sleeve sponsor on men’s and women’s kits, reportedly worth £55 million over three years.⁵⁰

McLaren Partnership with OKX

Additionally, in 2022, McLaren Racing announced a multi-year partnership with OKX, naming the cryptocurrency exchange a Primary Partner for McLaren Formula 1 and Shadow esports teams, enhancing global fan engagement. ⁵¹In the same year, McLaren Racing and OKX unveiled a cyberpunk-inspired "Future Mode" livery for the MCL36 F1 cars, celebrating the Singapore and Japanese Grands Prix while highlighting their Web3 collaboration.⁵²

Furthermore, McLaren Racing expanded its partnership with OKX, naming the cryptocurrency exchange an Official Primary Partner, increasing branding on MCL60 cars, driver suits, and enhancing fan experiences globally, starting with the 2023 Australian Grand Prix.^{53 54}

Tribeca Festival and OKX

In 2022, Tribeca Festival appointed cryptocurrency exchange OKX as its primary sponsor, replacing traditional partners American Express and AT&T for a three-year, multi-million-dollar agreement.⁵⁵

Tribeca Festival announced cryptocurrency exchange OKX as its first crypto presenting sponsor in 2022, marking the festival’s expansion into NFTs, digital assets, and metaverse-driven artistic experiences globally.⁵⁶

In the same year, OKX launched a multi-million dollar global brand campaign, featuring Pep Guardiola, Daniel Ricciardo, and Scotty James, aiming to expand its presence beyond Asia and educate global crypto traders.57 58

By 2023, cryptocurrency company OKX sponsored the Tribeca Film Festival to promote NFTs, crypto wallets, and generative AI, aiming to engage audiences while exploring Hollywood as a strategic lobbying platform.⁵⁹

OKX announced plans to open an office in Australia in 2023, with ambassadors Daniel Ricciardo, Scotty James, and Oscar Piastri supporting the initiative ahead of the Australian Grand Prix.⁶⁰In 2023, Ian Poulter’s LIV Golf team, Majesticks GC, secured a sponsorship with cryptocurrency exchange OKX, marking the league’s first Web3 partnership and branding the team through the 2024 season.⁶¹

Criticism and Controversies

On July 31, 2025, a client (user ID 2051247) placed a large long order of 4,168,515 contracts, triggering OKX’s risk management system and resulting in account liquidation after BTC price declined.⁶²

In October 2020, OKEx suspended cryptocurrency withdrawals after founder Xu Mingxing was taken for a policy-related investigation, affecting the exchange ranked 11th globally by trading volume.⁶³

In November 2020, OKX announced the reopening of cryptocurrency withdrawals after a private key holder assisted authorities in an investigation, confirming no wrongdoing, with full user funds accessible and enhanced wallet security.⁶⁴

In August 2018, OKEx injected BTC 2,500 into its insurance fund to partially cover a $29 million loss from a liquidated USD/BTC futures trade, reducing profitable traders’ clawback rate.⁶⁵

⁴⁶ Campaign “‘Mild Mild West,’ the OKX short film bringing together the worlds of crypto and cinema”, Achieved,  Retrieved January 2025

⁴⁷ Fortune “Crypto exchange OKX relaunches in U.S. two months after settling with DOJ for $500 million”, Achieved, Retrieved April 2025

⁴⁸ Forbes “Manchester City Announces Multimillion-Dollar Deal With Crypto Exchange OKX”, Achieved, Retrieved March 2022

⁴⁹ Man city  “OKX becomes Training Kit Partner of Manchester City”, Achieved, Retrieved July 2022

⁵⁰ OKX “OKX and Manchester City players launch ‘OKX Collective,’ an immersive metaverse fan experience”, Achieved, Retrieved February 2023

⁵¹ SportsPro “Manchester City upgrade OKX deal with ‘UK£55m’ sleeve partnership”, Achieved, Retrieved July 2023

⁵² McLaren “McLAREN Racing announces OKX as a Primary Partner of McLAREN Formula 1 Team”, Achieved,  Retrieved May 2022

⁵³ Hype beast “OKX and McLaren Racing Unveil Cyberpunk-Inspired "Future Mode" Livery”, Achieved, Retrieved September 2022

⁵⁴ McLaren “McLAREN Racing announces expansion with Official Primary Partner OKX” , Achieved, Retrieved March 2023

⁵⁵ Formula “McLaren reveal ‘Stealth Mode’ car livery for Singapore and Japan races”, Achieved, Retrieved September 2023

⁵⁶ WSJ  “Tribeca Festival Signs Crypto Trading Desk OKX as Its New Top Sponsor”, Achieved, Retrieved June 2022

⁵⁷ Dead Line “Tribeca Festival 2022 Sets Crypto Platform OKX As New Presenting Sponsor”, Achieved, Retrieved June 2022

⁵⁸ Financial IT “OKX Launches Multi-Million Dollar Brand Campaign in Global Market Expansion”, Achieved, Retrieved 2022

⁵⁹ Lbbonline “Pep Guardiola, Daniel Ricciardo and Scotty James Fuel the Intrigue of Cryptocurrency Exchange OKX”, Achieved,  Retrieved 2022

⁶⁰ Digi day “Why crypto company OKX is sponsoring the Tribeca Film Festival”, Achieved,  Retrieved June 2023

⁶¹ OKX “We're Opening an Office in Australia”, Achieved,  Retrieved March 2023

⁶² SI “Ian Poulter's LIV Golf Team Secures Sponsorship With Crypto Exchange Company”, Achieved, Retrieved June 2023

⁶³ OKX “Regarding the Forced Liquidation Incident on Jul 31, 2018”, Achieved, Retrieved August 2018

⁶⁴ Caixin Global “Exclusive: OKEx Suspends Cryptocurrency Withdrawals”, Achieved, Retrieved October 2020

⁶⁵ OKX  “OKX official announcement: Reopening of withdrawals and other related updates”, Achieved, Retrieved November 2020