OKex to Refut BTC Futures Price Manipulation Rumours

OKex cryptocurrency exchange issued big statement regarding recent events and rumours
04 April 2018   630

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 to Launch Perpetual Swap

Perpetual swaps are futures contracts with no specific expiration dates and with the possibility of withdrawal at any time
04 December 2018   173

OKEx bitcoin exchange will offer users new cryptocurrency derivatives - perpetual swaps. Product launch is scheduled for December 11th.

Perpetual swaps are futures contracts with no specific expiration dates and with the possibility of withdrawal at any time. In addition, 100-fold leverage will be available to traders.

Financing fees will be charged daily at 9:00 UTC, and the funding rate will be updated at 9:59 UTC.

This marks a key milestone for OKEx. The launch of perpetual swap demonstrates our continuous commitment to building a complete financial ecosystem for blockchain and crypto. With the new offering, investors and traders can select the products which best fit their trading and hedging strategies. However, we would like to remind our users that due to its high-leverage nature, implementing risk control strategies are equally crucial in trading.

Lennix Lai

Financial Market Director, OKEx

The new mechanism of forced liquidation of open positions also implies partial liquidation in order to minimize the impact of the procedure on the market.