What Is Okcoin (OKX)?

⛄Okcoin (now OKX) is one of the largest cryptocurrency exchanges in the world. Its mission is to make cryptocurrency trading and investing easily accessible 🔯to anyone, regardless of where they are.

Keep reading to learn about the platform, concerns, and current ♋operations.

History of Okcoin (OKX)

Okcoin (rebranding to OKX) is a private company founded in 2013 in China by Mingxing "Star" Xu. Xu has a background in technology management, including stints at Yahoo and Alibaba, where he worked on developing search algorithms. He was also the 澳洲幸运5官方开奖结果体彩网:chief technical officer (CTO) at DocIn.com, a file-sharing service.

Okcoin raised $10 million through two rounds of funding. The last round was completed on Dec. 15, 2017. The company had a total of five investors, notably 澳洲幸运5官方开奖结果体彩网:venture capital firms from China.

The company is headquartered in San Francisco and has offices in San Jose, Hong Kong, Singapore, Malta, and Japan. It employs more than 300 people and has a presence in over 190 countries. According to its website, Okcoin has more than one million investors and traders who actively use the platform.

Since its creation, Okcoin has developed into one of the largest cryptocurrency exchanges in the world by user base and transaction volume. Users can trade Bitcoin and 20 other assets through Okcoin in the U.S. and over 300 assets in many other countries (under its consolidated name, OKX). It has expanded beyond the traditional platform, allowing investors to trade 澳洲幸运5官方开奖结果体彩网:over-the-counter (OTC) "without slippage." The company also released a mobile consumer payment and lending app service, which is available on the Apple App Store and through Google Play.

Concerns About Okcoin (OKX)

Trading and Availability

Trading is available to investors in 192 different countries. U.S. residents can access the platform through Okcoin USA, a money transmitter and registered money services business with the 澳洲幸运5官方开奖结果体彩网:U.S. Treasury Department's Financial Crimes Enforcement Network.

However, the trading service is restricted iꦆn the following jurisdictions:

• Hawaii
• New York
• West Virginia
• All U.S. territories

Although it is accessible in most countries, Okcoin (and OKX) prohibits some or all of its services in Cuba, Iran, North Korea, Crimea, Donetsk, Luhansk, Uzbekistan, India, and Syria, as well as Bangladesh, Bolivia, and Malaysia.

Regulatory

In 2023, the Federal Deposit Insurance Corporation sent a cease-and-desist letter to Okcoin (and OKX) for falsely advertising that it provides FDIC insurance on U.S. dollar deposits and gained acceptance from the FDIC. Okcoin (OKX) removed any content providing claims about being insured by the FDIC and updated its terms of service to clearly state that users' digital assets are not protected.

User Information

OKX is available in many countries, and it has been expanding its information and educational content to inform its users about the regulatory and tax environments in their areas. It is also growing its learning content so that users can educate themselves on all things cryptocurrency.

Current Operations

In 2023, Okcoin announced that it would begin a global rebranding process and consolidation under one name, OKX. It began the process with the Bahamas, Hong Kong, Brazil, Singapore, Australia, and Argentina. In April 2024, Okcoin Europe was rebranded to OKX, with Okcoin USA rebranding scheduled but incomplete as of December 2024.

The Bottom Line

Similar to other cryptocurrency exchanges, Okcoin's quick rise to prominence within the cryptocurrency world was accompanied by regulatory challenges and other hurdles. However, it overcame many of these obstacles and remains a popular international hub for cryptocurrency transactions.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info. As of the date this article was written, the author owns BTC and XRP.