OKex to Refut BTC Futures Price Manipulation Rumours

OKex cryptocurrency exchange issued big statement regarding recent events and rumours
04 April 2018   335

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.

Crypto Exchange White Label Service launched by OKEx

OKEx, one of the biggest exchanges in the world, has declared the run of a crypto exchange creation programme ‘Digital Asset Exchange Open Partnership Program’
20 June 2018   296

The announcement claims that the programme is intended to “nurture a new generation of digital asset exchanges”. To establish a new crypto exchange, interested parties have to provide OKEx with a domain name, logo, and specialties of the management team. They are assured to possess “solid industry experience, quest for service excellence, and strong industry influence.”

Applicants should also deposit 500,000 OKB tokens into their accounts. This equals around $2.5 million at the present rate, according to coincodex.com. OKB is a utility token that were first sold in March of this year in packages of up to 100, each costing $100. They can be applied to settle transaction fees on the exchange and traded for Bitcoin, Ethereum and Tether.

The applicants will get access to OKEx’s fitting system (which links up buy and sell orders), cold and hot wallets (offline and online cryptocurrency storage), clearing system (which handles money transfer), client support system, and know-your-customer and anti-laundering systems. They will also get support from the OKEx technical team.

100 places are suggested by the programme in its first phase. It is anticipated to start in July. The announcement also points out the setup that the new exchanges must have. They will develop their own native tokens, and distribute them as follows:

  • 25 percent to themselves;
  • 24 percent to OKB holders;
  • and 51 percent to be mined.

OKEx explains the mechanisms by which the tokens will be mined/released. The term white label was firstly invented in the music industry - a white label vinyl record was a release so new that it had not yet been labelled, a much sought-after thing. Presently it cites to a service or product manufactured by one company and sold to another for re-sale under a different brand name.