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OKX Re-enters the U.S. Market with Fresh Leadership After $505M DOJ Resolution

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  • OKX has re-entered the U.S. market with a new CEO and a new crypto wallet that supports over 130 blockchains, with the aim of providing more control and transparency for users.
  • The company has settled with the DOJ for $505 million and has now agreed to comply with U.S. regulations and now includes KYC checks and fraud detection.

OKX is returning to the U.S. with a new crypto wallet for U.S. citizens and a new CEO. The company left the U.S. before but is now coming back slowly with a fresh plan.

The crypto company shared the news of its coming back in a blog post on April 16 and also shared that Roshan Robert, a former director at Barclays, will now lead as the CEO in the U.S. A day before the announcement, on April 15, OKX also shared a press release saying the return includes a new Web3 wallet that people can control themselves and a fresh crypto trading platform.

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OKX Re-enters the U.S. Market with Fresh Leadership After $505M DOJ Resolution 2

The company has also added that it is focusing on improving transparency by publishing monthly reserve reports that are verified by an external firm like Hacken.

OKX New Crypto Wallet Launch for U.S.

OKX has also decided to launch a crypto wallet alongside its exchange for U.S. users. According to the report, the wallet would support over 130 blockchains and offer tools for trading, transferring funds between networks, and exploring NFTs and Web3 dApps. It would also have an AI feature that helps users find trending tokens and projects.

The wallet is designed to give users more control and freedom in the decentralized ecosystem. This relaunch comes after OKX’s settlement with the DOJ in February, where it admitted to operating without a license and agreed to comply with U.S. standards under external monitoring until 2027.

The company has now implemented a full compliance framework, including KYC checks and fraud detection.

OKX Dominates Crypto Regulation: First to Achieve MiCA Pre-Authorization

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Key Takeaways

  • OKX secures MiCA pre-authorization, marking a regulatory first in the crypto sector.
  • Full MiCA license will enable localized services for 400 million Europeans.
  • Malta chosen as the European hub due to its robust regulatory framework.

OKX, the second-largest offshore cryptocurrency exchange by trading volume, has made history by becoming the first Virtual Financial Assets (VFA) exchange to secure a Markets in Crypto-Assets Regulation (MiCA) pre-authorization.

This landmark achievement positions the platform as a pioneer in regulatory compliance, setting the stage for further expansion across the European Economic Area (EEA).

OKX now plans to extend its services into localized cryptocurrency in over 30 EEA member states, combining over 400 million people once the firm receives the full MiCA license.

The platform shall, therefore, use the MiCA passporting, making cross-border operations easier within the EU since businesses licensed to operate in one country can perform their activities in other EU countries under the same framework.

OKX’s Malta-based hub will be at the center of these efforts, reflecting the country’s reputation for its advanced regulatory approach and blockchain-friendly infrastructure.

OKX Advanced Features for European Users

OKX will now launch an array of services tailored for the European customers due to the pre-authorization given. Amongst the access, customers will get a regulated platform with more than 240 cryptocurrency tokens, 260+ trading pairs, and 60 euro-based pairs.

The exchange also provides spot, over-the-counter, and even bot trading to its swelling user base. Further, OKX will support zero-fee euro deposits and withdrawals via bank transfer and the buying of cryptocurrencies with cards and other locally popular payment methods.

It will provide website and mobile app functionality, including local language, currency, and region-specific customer support. The platform guarantees the best user experience with 99.99% uptime, high liquidity, and its Proof of Reserves, thus being a secure and trustworthy exchange.

Malta: The Ideal Crypto Hub

With such a broad range of regulatory standards and a fairly strong technological ecosystem at its core, Malta was quite the natural venue for OKX to set up its hub of operation regarding MiCA. That commitment echoes even more when looking at a company’s current Class 4 Virtual Asset Service Provider license derived from the MFSA.

With more than 60 million customers in 180 markets worldwide, OKX is a world-leading platform of centralized and decentralized cryptocurrency services. The granting of the MiCA pre-authorization constitutes an important advance in its ambition to provide safe, innovative, and accessible crypto solutions across the European continent.

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OKX Gains Key Approval In Singapore’s Crypto Hub

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Lately, the crypto industry has achieved a lot in terms of regulatory compliance. Recently, OKX, which is the second largest offshore cryptocurrency exchange, obtained an in-principle approval from Singapore’s financial regulator for a Major Payment Institution (MPI) license through their local subsidiary OKX SG.

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OKX Gains Key Approval In Singapore's Crypto Hub 4

As per the press release, this significant step enables the exchange to deliver digital payment tokens and cross-border remittance services in Singapore under the PS Act. Thus, it paves the way for the development of customized products and services for its consumers within Singapore. For now, users in Singapore can access OKX through the web or iOS and Google Play apps. However after obtaining a full MPI license from the Monetary Authority of Singapore (MAS), the platform will be able to offer a broader range of services.

OKX President Hong Fang said:

As we build technology globally to empower the future, we’re continually humbled by opportunities to build locally. Singapore is a priority market and we’ve been investing here for some time. The in-principle approval from MAS is not only a validation of our commitment to date, but also an exciting opportunity for us to continue as a responsible contributor to the Singapore crypto ecosystem.

Moreover, the exchange has a strategy for centralized finance (CeFi), which is based on regulatory compliance. According to Mauricio Beugelmans, the Chief Legal Officer of OKX, MAS has the best guidelines in the world since they are meant to protect consumers and ensure fairness in the market as well as keep it secure. He also said that OKX was keen on serving clients in Singapore and participating actively in the continually expanding crypto space of that country.

OKX’s Global Regulatory Compliance

This news comes on the heels of OKX receiving a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in January 2024 for VA Exchange Services. Notably, the VASP license will allow OKX Middle East to offer regulated virtual asset exchange services, including spot and fiat trading services, AED deposits and withdrawals, and spot trading pairs.

Furthermore, the latest approval from Singapore’s financial watchdog is a significant milestone, as a recent report from Coinbase revealed that over half of finance-savvy Singaporeans own crypto, with staking emerging as the top use case. This presents an opportunity for regulated platforms like OKX to enable compliant participation in this growing trend through features emphasizing security, consumer protections, and compliance.

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OKX’s Transparency Milestone: 16th POR Report Signals Crypto Confidence

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Recently, OKX, one of the leading crypto exchanges, announced its 16th Proof of Reserves (PoR) report, with a snapshot date of February 21. It was reported that the value of the assets held by the users had seen considerable changes compared to the previous report on January 25. BTC assets have also declined by 11,707 units to 135,900, while ETH declined a bit from 87,789 to 1.42 million. As for USDT, it grew by 427 million units to 5.716 billion.

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Source: Wublockchain

According to a press statement from OKX, the recent PoR report summarizes a total of $17.7 billion in primary assets with an average reserve ratio of 104%. It provides an all-around perspective on the reserve ratios for the most traded assets on the platform. In particular, it was the first PoR report in which Bitcoin Cash (BCH) was included.

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The Chief Commercial Officer, Global of OKX Lennix Lai, pointed out that commitment to transparency as well as security is a key priority for this platform. He stated:

As we navigate the dynamic crypto landscape, we want to make sure our dedication to transparency and ensuring the security of our users’ assets continues to set us apart. Reaching the 16th iteration of our PoR report is a testament to our ongoing efforts to uphold these standards and fuels our drive to continually raise the bar.

OKX has been modifying the PoR process iteratively in response to user comments. The previous proposal for changes made by the clients was reinforced further in 2023 with the introduction of Zer0-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology into the PoR procedure.

This possibility enables end users to prove solvency without the engagement of third parties while holding their privacy features. Such improvements are applied to make the users feel more confident about security measures and the behind-the-scene asset backing of the platform.

OKX Consistency In Reserve Ratios

It is, therefore, clear from the consistency of OKX proof of reserves reports that it maintains reserve ratios continuously above 100% to highlight the resolute commitment to a 1:1 asset backing of user funds. This included its larger mission to ensure trust and reliability in today’s dynamic landscape of cryptos. Since crypto markets move fast, OKX is determined to move even faster regarding safety and transparency through the integration of several innovative technological concepts like zk-STARK.

However, with every new PoR report coming in, OKX reinforces its status as one of the leading crypto exchanges truly concerned about the users’ and funds’ safety. The inherent iteration of their PoR process displays a commitment to excellence through a changing landscape within industries.

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OKX Expands Footprint in India’s Web3 Landscape, Focusing on Empowering Blockchain Enthusiasts and Students

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OKX, a globally renowned cryptocurrency exchange, is making strategic moves to contribute to the growth of India’s burgeoning blockchain sector. The initiative underscores OKX’s dedication to fostering innovation and educating the youth about blockchain technology, reflecting its commitment to advancing the digital economy.

Entering India’s dynamic Web3 market, OKX has unveiled a comprehensive strategy with a threefold focus, demonstrating a concerted effort to drive advancements in the regional blockchain space.

OKX’s Strategic Approach

In recognition of India’s evolving technological landscape, OKX aims to establish a robust presence in the Web3 domain. As part of this initiative, OKX plans to offer grants ranging from $25,000 to $75,000 for promising projects seeking to strengthen the Web3 community in India.

Representatives from OKX have expressed intentions to explore acting as an incubator or providing developer funding to nurture innovative projects. The exchange has also sponsored numerous events across 400 colleges, fostering partnerships with developers and engineers while enhancing awareness and education about blockchain technology.

Furthermore, OKX is actively pursuing collaboration with Polygon, a leading Ethereum scalability solution. Through close collaboration with Polygon’s product teams, OKX aims to attract a diverse array of Web3 applications to both the Polygon and OKX ecosystems. This strategic partnership is expected to enhance utility for Web3 enthusiasts, fostering greater innovation and accessibility within the blockchain space.

Committed to nurturing talent and fostering a deep understanding of blockchain technology, OKX has allocated a substantial budget of $1 million for developer grants and promotional initiatives. The exchange aims to engage with India’s developer student groups, sparking curiosity and encouraging the exploration of blockchain technology among the youth. Through these initiatives, OKX seeks to cultivate a new generation of skilled developers poised to lead the way in the country’s blockchain ecosystem.

In the context of India’s thriving Web3 landscape, recent developments have attracted the attention of investors and tech enthusiasts. The Indian Blockchain Week (IBW) in Bangalore, featuring over 60 events dedicated to Web3 advancements and blockchain education, is set to gather hundreds of eager learners and educators from across the nation.

Despite the regulatory challenges, particularly regarding crypto regulations and taxation, hindering the seamless growth of Web3 in India, collaborative efforts among industries, proactive association activities, and overarching momentum continue to propel India’s Web3 ecosystem forward. This signifies resilience and an unwavering commitment to technological advancement in the face of regulatory hurdles.

Recent developments in India’s Web3 sphere have garnered significant attention, with increased enthusiasm among investors and technological enthusiasts. The country has witnessed a proliferation of seminars and workshops dedicated to advancing Web3 technologies and blockchain education. Notably, Bangalore is set to host the Indian Blockchain Week (IBW), featuring over 60 Web3 events aimed at fostering learning and collaboration across India.

However, challenges persist in India’s regulatory landscape, particularly concerning crypto regulations and taxation. Recent measures imposing a 30% tax on crypto trading have posed obstacles, leading to a temporary slowdown in Web3 development. Despite these regulatory hurdles, collaborative efforts among industries and associations continue to drive momentum, propelling India’s Web3 ecosystem forward.

OKX Beat Market Odds To Ink $70M Deal With Manchester City

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Amidst regulatory woes, crypto exchange OKX has extended its partnership with Manchester City, by signing a 3-year deal reportedly worth more than $70 million.

With the new contract, OKX will become the club’s new official sleeve sponsor of Manchester City’s men’s and women’s first-team playing kits.

In March 2022, OKX made its first move into sports sponsorships when it was named Manchester City’s official cryptocurrency exchange partner.

Since then, the leading trading firm has broadened its clientele. Current high-profile relationships include those with the McLaren Formula 1 team, unsigned F1 driver Daniel Ricciardo, Olympic snowboarder Scotty James, and golfer Ian Poulter.

According to Forbes, OKX’s total annual spend on sports partnerships falls between $80 million and $100 million.

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OKX Beat Market Odds To Ink $70M Deal With Manchester City 8

With regards to Man City, the illustrious football club, has a revenue of $815 million for the 2021–22 season, making it the fifth most valuable soccer team in the world at $4.99 billion.

The club achieved a “treble” in its most recent campaign, taking home victories in the Premier League, FA Cup, and UEFA Champions League.

Speaking on its latest deal, City Football Group CEO Ferran Soriano stated,

“We are very proud to have OKX represented on the sleeve of the Manchester City shirt. We have already seen great web3 experiences designed by OKX for Manchester City’s global fan base and there will be many more to come.” 

The deal comes after the second-largest offshore bitcoin exchange experienced a string of setbacks on the regulatory front.

OKX Exit Japan And Canada

A few days back, OKX announced its decision to halt services for residents of Japan in response to what appears to be mounting regulatory pressure from Japan’s Financial Services Agency [FSA].

According to an email sent to users in the nation, the trading firm intends to cease operations in Canada by mid-2023.

The trading platform only stated that it moved because of “new regulations” in Canada without mentioning which regulations prompted the decision or where the regulatory procedure is in the process.

The shutdown, it stated in the email, is only temporary, and it is collaborating with regulators to find a solution to the problems brought on by the new regulations.

OKX Launches OKB Chain Testnet: The Ultimate Ethereum Scaling Solution

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OKX, a major cryptocurrency exchange, has launched the test network for its new blockchain, OKB Chain. The platform is an Ethereum scaling solution designed for high-performance decentralized applications and seamless integration between CeFi and DeFi.

The OKB Chain testnet is now live, and according to the announcement tweet, it marks the first step towards building OKBC in three stages, starting with the V1 testnet launch. The company plans to provide more value to the Ethereum ecosystem through its cohesive ecosystem development and exciting roadmap.

However, a day before the launch, the team published a detailed post on Medium titled “The Birth of OKB Chain: The Ultimate Solution for Ethereum Scaling.” In the post, the team explains that it is a response to the shortcomings of existing Ethereum scaling solutions. 

The post also outlines the OKB Chain initiative’s three key steps, which aim to enable cross-chain communication between ZK Rollups and propose specialized application solutions.

According to the OKX team, the new blockchain is designed to provide high performance and low transaction fees, making it compatible with EVM and Wasm ecosystems. It also maintains compatibility with the Ethereum ecosystem and aims to achieve easy-to-use Web2-like experiences for users. 

OKX has already accumulated a decade of exchange technology experience and aims to leverage these capabilities to combine self-custodial DeFi ecosystems better.

OKB Chain Initiative’s Three Key Steps

The new blockchain initiative has three key steps that lead the project. OKB Chain V1 is an Ethereum PoA sidechain that focuses on providing high performance and low transaction fees. OKB Chain V2 is an Ethereum native ZK Rollup platform that provides Turing-complete zkVM. OKB Chain V3 enables cross-chain communication between ZK Rollups and proposes specialized application solutions based on the V2 platform.

The OKX team believes that the continuous development of OKTC and the birth of the new blockchain will pave the way for a more inclusive yet decentralized Web3 future. By leveraging the advantages of both OKTC and OKBC, the team aims to create a seamless and user-friendly Web3 experience for its users while promoting progress across the blockchain industry.

Nevertheless, OKX’s launch of a new blockchain is a significant step forward for the Ethereum ecosystem and a promising development for the wider blockchain industry. With its emphasis on security and seamless integration, OKB Chain will likely be a game-changer for developers and users, making building and using high-performance decentralized applications easier.

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OKX Expands Global Presence: Establishes Hong Kong Entity & Targets Turkish Market

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OKX, the world’s second-largest crypto exchange, has announced the establishment of a Hong Kong entity to offer virtual asset services in the region. 

According to the press release, the company also intends to apply for the virtual asset service provider (VASP) license and Type 1 & 7 licenses under the Securities and Futures Ordinance in compliance with the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, set to take effect on 1 June 2023.

OKX has spent over a year preparing for anticipated regulatory requirements and meeting organizational, product, security, and compliance standards. According to Lennix Lai, the Managing Director of Global Institutional at OKX, regulation, and licensing are crucial to the success of the crypto and Web3 sectors. 

The company sees immense potential in Hong Kong and plans to invest in talent and collaborate with regulators to build the local ecosystem.

Bing Zhao, OKX General Counsel, added that the company is committed to working with the SFC throughout the application process and will exceed the robust standards expected of virtual asset service providers under the regulatory regime.

Hong Kong has become a hub for the crypto industry in recent years, making it an increasingly important location for innovative firms, entrepreneurs, and top talent. The company will sponsor two industry conferences in Hong Kong, the WOW Summit and the Hong Kong Web3 Festival. It will participate in keynote and panel discussions to outline its growth plans.

OKX launches Turkish Lira Deposits & Withdrawals

Along with this addition to its developments, the company has recently expanded its offerings by launching Turkish Lira (TRY) deposits and withdrawals on Android, iOS, and the web. 

The move is part of OKX’s strategy to deepen its focus on the fast-growing Turkish market and provide more worldwide options for users wishing to trade cryptocurrencies with TRY.

According to Haider Rafique, Chief Marketing Officer at OKX, the company’s goal is to become the leading crypto platform in Turkey. He added that the company is listening to the community about their needs and investing in the market to give the Turkish community a platform to explore, experiment, and dream up the future with OKX and other crypto companies.

To further its presence in Turkey, the company has announced its name sponsorship of Istanbul Fintech Week, which will be held on 13-14 April. OKX’s Global Government Relations Officer, Tim Byun, will deliver a keynote at the event.

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Manchester City Partners up With Crypto Exchange OKX

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Manchester City, a Premier League football team, announced that they would be collaborating with OKX. This would be the Premier League winners’ second journey into the Metaverse.

While the deal’s specifics have yet to be released, it will almost certainly be a multi-year relationship.

OKX is the second-largest crypto exchange by derivatives volume while being the eighth largest by spot trading volume.

Manchester city chose OKX over other exchanges

OKX demonstrates why Manchester City picked it by processing over $20 trillion in the previous 24 hours.

OKX has signed on as the football club’s official cryptocurrency exchange partner and will cover the club’s esports activities as well as the Men’s and Women’s teams.

They will have a presence at the Etihad Stadium, home of the Manchester City football team, as part of the arrangement.

In addition, the Academy Stadium will host a cryptocurrency exchange. Both stadiums will thrust OKX into the general public, with capacities of 55,000 and 7,000, respectively.

According to Forbes, the football club is valued at $4 billion after winning five Premier League titles, making this arrangement worth millions of dollars every year.

On the other hand, Manchester City recognizes the growing relevance of cryptocurrency among supporters and the general public. As a result, the football team intends to make as much use of cryptocurrency as feasible.

The team struck a three-year deal with Sony to bring football to the Metaverse last month. Manchester City was allowed to create a virtual Etihad Stadium in the Metaverse as a result of the transaction.

In addition to an in-stadium presence throughout the Etihad Stadium and Academy Stadium, the new partners will cooperate on various special events for OKX’s worldwide client base. The new partners will also work together to develop future innovative initiatives.

“We are happy to welcome OKX as an Official Partner of Manchester City today as they strive to delve into the world of sports,” stated Roel De Vries, Chief Operating Officer, City Football Group.”

“Our common principles of innovation, desire for success, and being at the forefront of our respective sectors are all reflected in this new cooperation. Their broad and inclusive approach to reaching out to a varied audience is similar to ours. We are excited to collaborate throughout the cooperation.”