UPDATE October 16 2020: OKEx founder Xu Mingxing was taken away by police today. OKEx has also suspended withdrawals because one or more keyholders are speaking for police. For more information, see the article on decrypt.co. We will update this listing as the story progresses, and until the situation is cleared up, we have updated OKEx's rating to reflect a high risk.

OKEx is a Malta-based exchange, and is currently considered one of the largest crypto-to-crypto exchanges in the world. OKEx has offices in Malta, Hong Kong, Beijing and Malaysia.

According to Forkast.news, the Ontario Securities Commission is examining holding the operators of the OKEx Platform (Aux Cayes Fintech Co. Ltd.) accountable for alleged securities law violation.

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The exchange itself is full of features and displays very impressive volume numbers, attracting incredible amounts of volume for many trading pairs, often beating the rest of the market. However, there are several reports of much of the volume being simply wash trading — orchestrated by the exchange to attract actual traders to the platform.

The exchange itself was never hacked despite being a very attractive target for attackers, having constantly maintained its place at the top of exchange rankings for the past year. OKEx takes their security seriously and provides many tools for users to employ to protect their own accounts and funds, and claims to hold user funds in cold storage — although we have no way of verifying that.

OKEx has expanded in the past year to respond to market demand for new features and flexibility in crypto trading, adding many features such as buying with credit card, futures and options trading and an up to 100x leverage perpetual contract. OKEx also has their own token, OKB, which provides a discount in trading fees provided the trader's user account holds enough of it per their fee tier list.

Recently, the OKEx team has also started to come to light, appearing on social media and official communications from the company. This was not always the case, and shows a more mature company that values its users requests for transparency and accountability.

To conclude, OKEx has responded to market changes and is able to maneuver and evolve quickly, having maintained its position as one of the top global crypto-to-crypto exchanges, catering to wide audiences and able to keep its place as one of the top exchanges for many crypto users all over the world.

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