OKex to Refut BTC Futures Price Manipulation Rumours

OKex cryptocurrency exchange issued big statement regarding recent events and rumours
04 April 2018   127

Representatives of the Hong Kong exchange OKEx said that the information spread on the Internet that the site is involved in manipulating prices in the bitcoin futures market is untrue.

We, as a trading platform, do not make profit from the price volatility, but generate income from trading fees. We have not reason to, and have never and will not, manipulate the prices of any of our market.
 

OKex Team

It is also noted that the images that appeared in social networks and allegedly evidence of manipulation are fake. In addition, the exchange added that the site will have new rules that should prevent the repetition of the situation on March 30:

At 5:00-6:30 on Mar 30, 2018 (Hong Kong Time), the price of BTC quarterly futures contract was manipulated by a group of people, making it fall significantly below the BTC index. To protect the interests of our customers and to eliminate the adverse effects induced, we decided to rollback the futures trading data (according to OKEx Futures Trading User Agreement 6.2). In light of this problem, new "Price limit rules" were immediately launched to prevent similar incidents from occurring. We deeply apologize for the inconvenience caused.
 

OKex Team

On March 31, a Chinese trader, who opened a major position on bitcoin futures, threatened to commit suicide in front of the OKEx office, claiming that the liquidation of his position was done wrongly.

OKEx Expands to Malta Following Binance

OKEx found the Malta government’s approach appealing and decided to grow OKEx exchange further on Malta
12 April 2018   101

At the end of March 2018 we have reported that the Binance cryptocurrency exchange was planning to open offices in Malta. It seems like the sunny island is very attractive for the exchanges, as OKEx has also announced today that it has met with Maltese government and regulatory leaders to discuss their legislative plans. OKEx found the Malta government’s approach appealing and decided to grow OKEx exchange further on Malta.

We look forward to working with the Malta government as it is forward thinking and shares many of our same values: the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem.
 

Chris Lee

CEO, OKEx

Moreover, OKEx plans to become a member of Malta Blockchain community, and the exchange will also participate in Malta’s Government sponsored DLT Delta Conference which will be held in October, 2018.

The Hon. Silvio Schembri  meets with OKEx Chief Risk Officer Tim Byun and Vice President Jason Lau Silvio Schembri meets with OKEx Chief Risk Officer Tim Byun and Vice President Jason Lau

Malta is striving to become a "blockchain island", for instance, the new Malta Digital Innovation Authority certifies blockchain platforms used by companies in the country. The government of Malta really wants to bring some peace of mind to businesses using distributed ledgers for cross-border payments.