OKex to Report on BTC Futures Price Manipulation Attempts

As a result of price manipulations attempts, prices were different from the current price of the first cryptocurrency
30 March 2018   635

The OKEx said that unusual transactions were registered on Friday morning, March 30, to manipulate prices for bitcoin futures contracts. As a result, prices were significantly different from the current rate of the first cryptocurrency.

As a result of the investigation, it was found that one of the users closed a large number of positions, not taking into account the current prices, resulting in the bitcoin price fell to unusually low levels.

Representatives of OKEx promise to make public the relevant transactions after the completion of a full investigation.

The Exchange team also refers to clause 6.2 of the user agreement, which grants it the right to control the accounts in the event of the detection of deliberate manipulation of prices.

To prevent forced-liquidations due to price differences after the settlements in "bi-weekly" and "quarterly" futures contracts, we will rollback the transactions as mentioned, and all futures contracts will be delivered at 00:00 Mar 31, 2018 (Hong Kong Time). Further announcement will be made if there are any changes in delivery time.
 

OKex Team

The exchange's team assures that the process of crypto and fiat trading has not been affected and continues to be carried out in normal mode.

In addition, in order to compensate for the inconvenience, the exchange will remove the commission for trading bitcoin futures from April 1 to 7.

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   105

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.