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   1904

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 to Launch BTC Options Trading for Some Clients

The company says that option trading will allow users to implement a variety of strategies; the customers were choosen initially
26 December 2019   218

This Thursday, the OKEx cryptocurrency exchange announced the launch of bitcoin options on its main platform after the successful completion of the trading period in simulation mode.

The tool is currently available to a limited number of customers who have received invitations. Its full launch will take place on January 9, 2020.

The company says that option trading will allow users to implement a variety of strategies, from simplified to advanced, and present a complete update of the platform architecture, which is characterized by increased speed and reliability.

The OKEx Options platform will use an enhanced anti-manipulation mechanism based on the Black-Scholes pricing model. This model implies that if the underlying asset is traded on the market, then the option price on it is implicitly set by the market itself.

Unlike futures, where both parties are required to fulfill the terms of the contract, the option gives its buyer the right, but not the obligation, to buy or sell the asset at a predetermined price at a certain point in the future. In this case, the option seller cannot refuse to fulfill the terms of the contract. He compensates for additional risks with the premium that the buyer gives him when concluding the contract.

Options are a unique instrument that enables traders to manage, price and hedge the volatility of crypto assets [...] to take advantage of more than just market direction. We welcome clients from different segments, especially from our institutional clients, who have shown the fastest-growing demand in derivatives trading, especially on futures and perpetual swaps.

 

Lennix Lai

Financial market director of OKEx

 

He also promised that in 2020 OKEx will introduce new products and technological achievements to its customers.

In addition to options, OKEx currently supports leverage on the spot market, as well as futures and perpetual contracts.