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Tag: OKX

  • Zcash Rallies After Latest Relisting Announcement From Major Exchange

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    Photo by BeInCrypto

    Zcash, the privacy-focused cryptocurrency, surged more than 12% to trade near $600 on Sunday after OKX announced it would relist the token.

    The rally makes ZEC the top-performing asset among major cryptocurrencies in the last 24 hours, significantly outpacing Bitcoin, which has struggled to reclaim the $90,000 level.

    On November 23, OKX announced that spot trading for the ZEC/USDT pair would resume at 12:00 UTC tomorrow.

    While the exchange failed to provide additional reasons for its decision, the move marks a significant regulatory U-turn for the venue. It had previously delisted the asset in 2023, citing compliance risks.

    Nonetheless, the decision can be linked to two significant factors, including ZEC’s strong outperformance of Bitcoin in recent months.

    It also reflects a post-election regulatory thaw, as the new SEC leadership is emboldening platforms to re-integrate privacy protocols that were once considered radioactive.

    Meanwhile, the resurgence of Zcash has ignited a philosophical clash on Wall Street regarding the future of digital privacy.

    Eric Balchunas, Senior ETF Analyst at Bloomberg, cautioned that the sudden pivot to privacy coins could fragment the broader crypto narrative. He noted that this shift comes at a time when Bitcoin is trying to consolidate institutional support.

    He argued that pushing a separate privacy layer risks “splitting the vote” of capital allocation when Bitcoin needs unified political and cultural backing to cement its status as a global reserve asset.

    “Zcash has third-party candidate vibes, like Gary Johnson or Jill Stein. Seems like you’d better off folding in their ideas to the main party vs splitting the vote, which could have major consequences, especially in such a crucial time for BTC,” he said.

    However, asset managers suggest that fundamental flaws in Bitcoin are driving the rotation.

    Jan van Eck, CEO of global investment manager VanEck, pushed back against the “spoiler” characterization. He noted that veteran investors are treating Zcash as a necessary complement to Bitcoin rather than a competitor.

    According to Van Eck, the current bear market in Bitcoin reflects “the on-chain reality” of surveillance risks. He argued that rising demand for confidentiality is driving capital toward Zcash’s encrypted ledger.

    Read original story Zcash Rallies After Latest Relisting Announcement From Major Exchange by Oluwapelumi Adejumo at beincrypto.com

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  • How Criminal Millions Sprinted Through Binance, OKX, and Other Top Crypto Exchanges

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    Investigators found drug traffickers, Southeast Asian scam gangs, and North Korean hackers frequently using major crypto platforms to quietly move their funds.

    The International Consortium of Investigative Journalists’ (ICIJ) Coin Laundry investigation found illicit funds were funneled through major cryptocurrency exchanges, including Binance, OKX, Coinbase, Kraken, Bybit, and Kucoin, as part of a global shadow economy benefiting from criminal proceeds.

    The 10-month cross-border project, which was conducted with 37 media partners in 35 countries, gathered hundreds of wallet addresses connected to scams, theft, sanctions violations, and other illicit activity, and traced tens of thousands of transactions across public blockchains.

    Criminal Cash Across World’s Biggest Exchanges

    The investigation found that money launderers working for drug traffickers, Southeast Asian scam networks, and North Korean hacking groups routinely used leading exchanges to move their funds.

    An important finding revealed that Huione Group, a Cambodian financial institution designated by US authorities as a “primary money laundering concern,” sent around $1 million worth of USDT per day to accounts at Binance as recently as July 2025. This contributed to more than $408 million in total transfers from July 2024 to July 2025.

    These flows continued even while Binance operated under two court-appointed monitors as part of its November 2023 plea deal for violating US anti-money laundering laws, which required the company to pay $4.3 billion. The investigation also found that more than $226 million entered customer accounts at OKX from Huione in the five months after OKX pleaded guilty in the US in February 2025 to operating an unlicensed money transmitter and agreed to pay over $504 million in penalties.

    According to ICIJ, these transfers persisted despite Huione’s designation in May as a major laundering concern. Reporters also examined how so-called cash desks and courier services operating in cities such as Hong Kong, Toronto, London, and Istanbul allow users to anonymously cash out large sums of cryptocurrency outside regulatory oversight, forming another channel through which illicit proceeds reach or exit exchanges.

    The report additionally documented how scam victims across 12 countries saw their stolen funds move through these same major platforms. To highlight the scale of criminal activity using crypto infrastructure, the investigation detailed the alleged pyramid and Ponzi scheme led by Vladimir Okhotnikov, who was accused of stealing at least $340 million from investors between 2020 and 2022 via a manipulated cryptocurrency investment platform and continuing to run similar schemes from Dubai.

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    Anonymous Wallets and “Swappers”

    While blockchain records provide transparency, ICIJ reported that criminals use anonymous wallets and tools such as “swappers” to complicate tracing, creating major tracing challenges for exchange compliance teams. More than a dozen former compliance workers at companies including Binance and OKX told ICIJ they struggled to keep up with increasingly sophisticated laundering techniques.

    Regulators globally have imposed at least $5.8 billion in fines and penalties on crypto exchanges, but oversight remains fragmented, even as US authorities estimate $9.3 billion in crypto-related losses in 2024.

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    Chayanika Deka

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  • Dogecoin Open Interest Crashes 50% From October Highs, Volume Is Worse, What’s Going On?

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    Dogecoin (DOGE) is facing a steep market cooldown after weeks of heightened trading activity in early October. Data from CoinGlass shows that both Open Interest (OI) and trading volume for DOGE futures have crashed, indicating a sharp decline in the meme coin’s momentum. The latest figures reveal a significant pullback in derivatives activity and spot market participation, suggesting that traders may be retreating from speculative positions as volatility eases. 

    Dogecoin Open Interest Crashes Over 60%

    Dogecoin’s Open Interest has plunged dramatically from its October highs, reflecting a rapid exodus of leveraged traders from the market. According to CoinGlass, total exchange DOGE futures Open Interest has fallen over 62% from a peak of $5.03 billion on October 7 to $1.88 billion on October 28. This represents a drop to approximately 9.41 billion DOGE, valued at $ 0.20 per token.

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    Despite the decline in Open Interest, Binance, BitMEX, and Bybit continue to lead as the top exchanges with the highest Dogecoin futures activity. Still, the downturn has been widespread across exchanges. Kucoin recorded the largest drop in recent hours at 3.1%, followed closely by Bitget, which saw a 2.27% decline. Over the last 24 hours, Bitunix recorded the steepest drop in Open Interest, down 15.86%, while Crypto.com saw a 7.36% reduction. 

    Source: Chart from Coinglass

    Even Binance, which consistently leads Dogecoin futures trading, has seen a notable pullback. CoinGlass reports that the exchange’s Open Interest peaked at $964.7 million on October 7, marking a monthly high. Since then, it has fallen to $380.29 million (1.9 billion DOGE), representing a staggering 60.6% crash in just over three weeks.

    Dogecoin Sees Even Worse Decline In Volume

    Trading volume for Dogecoin has mirrored the collapse in Open Interest. CoinGlass data shows that Dogecoin’s futures volume heatmap across major crypto exchanges is in the red zone. Total trading volume had spiked to $20.45 billion on October 11, following the devastating crypto flash crash on October 10, but has since plummeted to $5.31 billion as of October 28. This represents a whopping 74% decline.

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    On individual exchanges, Binance’s DOGE trading volume dropped by 9.35% in the past 24 hours, while OKX saw a 13.69% decline. CoinEx recorded the largest volume decrease at 26.1%, followed by Gate.io at 23.94%. Popular exchanges like Bitget, Kucoin, and Bitunix also reported varying declines of 4.96%, 20.37% and 13.16%, respectively, as overall market liquidity thinned. 

    However, a few exchanges bucked the downward trend, recording slight gains. dYdX saw its DOGE volume surge by 167.61%, HTX increased by 49.93%, and Hyperliquid rose by 23.88%. Bybit and MEXC also recorded modest gains of 24.98% and 1.88%, respectively. 

    Alongside its decline in trading volume, CoinGlass notes that Dogecoin’s price performance has slipped. The meme coin is currently trading at $0.20, down 13.19% over the past 30 days and 2.86% in the last 24 hours.

    Dogecoin
    DOGE trading at $0.19 on the 1D chart | Source: DOGEUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

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    Scott Matherson

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  • OKX Taps Standard Chartered to Deliver Bank-Level Security for Institutional Investors in Europe

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    OKX has strengthened its European footprint with Standard Chartered.

    OKX has announced the expansion of its partnership with Standard Chartered Bank into the European Economic Area (EEA), as it extended a collaboration that first began in the United Arab Emirates earlier this year. The move introduces OKX’s collateral mirroring programme to institutional clients across Europe, which allows users to hold their assets securely with Standard Chartered, a Global Systemically Important Bank (G-SIB), while maintaining corresponding balances on OKX for trading purposes.

    The arrangement enables institutions to benefit from both bank-grade custody and direct access to digital asset markets, effectively reducing counterparty risk and enhancing trading efficiency.

    OKX Expansion

    With the latest collaboration, Standard Chartered has become the first and only G-SIB to partner directly with a crypto exchange. OKX said the expansion depicts growing regulatory confidence in the model and indicates a push toward aligning crypto market infrastructure with established financial standards. The partnership’s rollout in the EEA is expected to provide institutional clients with a unified framework for secure, compliant, and scalable digital asset management across Europe.

    Standard Chartered’s Global Head of Financing and Securities Services, Margaret Harwood-Jones, said the initiative combines the bank’s existing custody infrastructure with OKX’s regulatory framework to ensure “the highest standards of security and compliance for institutional clients in Europe.”

    The exchange also highlighted that the partnership builds on its long-term commitment to Europe, supported by its Markets in Crypto-Assets (MiCA) license.

    From EU Investigations to US Relaunch

    In March, Bloomberg had reported that OKX’s decentralized trading and self-custody platforms are reportedly under scrutiny by European regulators after being linked to the laundering of $1.5 billion stolen in the Bybit hack by North Korea’s Lazarus Group. The exchange denied the allegations, even as the report suggested that it may risk losing the MiCA license granted earlier this year.

    After regulatory challenges in Europe, OKX made a push to re-establish itself in the United States. In April, the exchange announced it was reopening its US crypto platform and introducing a multi-chain Web3 wallet, following a $505 million settlement with the Department of Justice earlier this year.

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    OKX appointed Roshan Robert as US CEO and set up headquarters in San Jose, California.

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    Chayanika Deka

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  • XRP Exchange Reserves Balloon 1.2 Billion In One Day, Why This Is Bearish For Price

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    XRP Exchange reserves have surged by 1.2 billion in just a day, presenting a bearish outlook for the XRP price. This development comes as the token looks to hold above the psychological $3 level. 

    XRP Exchange Reserves Increase By 1.2 Billion In Just A Day

    A CryptoQuant analysis by CryptoOnchain revealed that XRP Exchange reserves jumped by 1.2 billion in a day across four crypto exchanges, with Binance leading the surge. Bithumb, Bybit, and OKX also experienced a major increase in their reserves, a development which CryptoOnchain noted shifted the volume of XRP’s reserves in an unprecedented manner. 

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    Binance saw its reserve holdings increase from around 2.928 billion XRP to 3.538 billion XRP, an increase of over 610 million XRP in a single day. Meanwhile, Bithumb saw its holdings increase from 1.647 billion to 2.519 billion, Bybit’s holdings increased from 188 million to 380 million XRP, and OKX’s XRP reserves jumped from 112,000 to 233 million. 

    Source: Chart from CryptoQuant

    This development is typically bearish, as an increase in crypto exchanges’ reserves indicates that investors are offloading their coins. This would also explain why XRP has underperformed in recent times and has struggled to hold above the psychological $3 price level. During this period, other altcoins like Solana and BNB have outperformed XRP, reaching new local highs.

    Accumulation Rather Than Sell-offs

    CryptoOnchain revealed that the increase in XRP Exchange reserves is a case of accumulation rather than the typical sell-offs. The analyst noted that the price chart indicates that this heavy accumulation occurred precisely at the key support level of around $2.73, a level that has previously prevented the altcoin from experiencing massive declines. 

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    The analyst then pointed to the RSI and MACD indicators a day after the increase in the XRP Exchange reserves, which shows a decrease in selling pressure on the token.CryptoOnchain explained that this could mean that the heavy buying by exchanges was aimed at accumulation rather than immediate injection into the market. 

    CryptoOnchain also noted that the pattern of these large accumulations across the crypto exchanges and at a critical support level could be a sign of institutional coordination or an upcoming event. Notably, the XRP ETFs could launch next month, which would represent a significant development for the XRP price. 

    The analyst stated that if the current support holds and buying volumes continue, the XRP price could rally to higher resistances at $3.34 and $3.58. However, CryptoOnchain warned that if the support is broken, selling pressure could turn the increase in XRP Exchange reserves into an opportunity for massive supply. 

    At the time of writing, the XRP price is trading at around $3.06, up over 2% in the last 24 hours, according to data from CoinMarketCap.

    XRP
    XRP trading at $3.04 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from Adobe Stock, chart from Tradingview.com

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    Scott Matherson

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  • Crypto Companies Pour $170M into Premier League Sponsorships

    Crypto Companies Pour $170M into Premier League Sponsorships

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    According to a September 7 report by Bloomberg, Premier League (PL) clubs have secured a record-breaking $170 million in sponsorship deals from crypto companies for the 2024/25 season.

    This uptick comes as league participants face tightening restrictions on gambling sponsorships, which have traditionally been a major source of revenue for them.

    Crypto Sponsorships on the Rise

    Per the report, several top clubs have already signed major crypto deals. For instance, leading crypto exchange Kraken is sponsoring Tottenham Hotspur, La Liga’s Atlético Madrid, as well as RB Leipzig from the German Bundesliga.

    Meanwhile, in June 2023, reigning Premier League champions Manchester City extended their partnership with OKX for three years in a deal that will cost the platform $70 million.

    Another crypto exchange, Crypto.com, is also heavily involved in football. The company, which owns the naming rights to the former Staples Center, hosting the Los Angeles Lakers and Los Angeles Clippers, among others, announced in August that it will sponsor UEFA’s Champions League until 2027.

    The crypto sponsorship influx isn’t limited to just the biggest names in the biggest leagues; Turkish side Galatasaray recently signed a two-season deal with blockchain analytics firm Arkham Intelligence, worth about $4 million, to have its logo featured on the team’s shirt sleeves.

    Gambling Out, Crypto In

    For PL clubs, these partnerships mark a major shift in the sponsorship landscape, especially with a looming proscription on front-of-shirt gambling ads by mid-2026. This is in addition to a 2019 “whistle-to-whistle” ban on gambling ads during live matches.

    During the 2023/24 season, eight teams had front-of-shirt gambling sponsors, collectively earning them nearly $80 million per year.

    However, according to Daniel McDonagh, an associate at UK law firm Charles Russell Speechlys, who was quoted in the Bloomberg report, crypto firms are now stepping in to fill the vacuum caused by the limitations on gambling sponsorship.

    Some feel the move is part of efforts to clean up the image of the digital asset industry following the bad press that came with the collapses of several high-profile enterprises, including Three Arrows Capital (3AC), Voyager Digital, and FTX.

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  • OKX repositions US compliance team as highest priority 

    OKX repositions US compliance team as highest priority 

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    Offshore exchange OKX has moved its U.S. compliance team to top priority within the organization.

    The department now takes precedence in all its operations, a strategic adjustment following increased regulatory scrutiny on cryptocurrency exchanges for anti-money laundering practices. OKX’s restructure aligns with a broader industry trend where regulatory bodies are intensifying their demands for compliance. 

    With growing concerns over the regulatory risks facing offshore exchanges, OKX recently removed USDT from its European offerings and initiated an unprecedented freeze of USDT assets in collaboration with Tether.

    The platform’s global chief compliance officer also vacated his role earlier today, having served just six months in the company. Patrick Donegan spearheaded OKX’s anti-money laundering initiatives, leading a global team of 300 employees. As revealed by his LinkedIn profile, Donegan’s tenure at the exchange lasted from August 2023 to January 2024.

    The U.S. is significantly cracking down on offshore exchanges due to concerns about money laundering. Earlier this week, the U.S. DOJ charged KuCoin and its co-founders with criminal offenses for non-compliance with anti-money laundering regulations. The DOJ also charged Binance last year with one of the largest criminal indictments in industry history, leading to a record $4 billion settlement. 


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  • Crypto exchange OKX ceases services in India | TechCrunch

    Crypto exchange OKX ceases services in India | TechCrunch

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    Crypto exchange OKX is ceasing services for users in India, it said in an email to customers Thursday, advising them to withdraw their funds by April-end.

    The move follows Apple and Google pulling the eponymous app of OKX in the country after an Indian government agency said many crypto exchanges were operating illegally in the South Asian market.

    Financial Intelligence Unit, the government agency, named Binance, Kraken, Huobi and Gate.io among apps operating “illegally” in India but hadn’t named OKX in its public statement.

    OKX has advised customers in India to close all their active margin positions and withdraw all funds by April 30. The crypto exchange cited “local regulations” for its action.

    Cryptocurrencies were brought into the ambit of anti-money laundering and counter financing of terrorism framework in India in March last year. Dozens of firms — including local exchanges CoinSwitch and CoinDCX — had registered with FIU, but several international exchanges remained in noncompliance with the law, FIU said late last year.

    Several traders in India had flocked to global cryptocurrency platforms in an apparent move to evade taxes. India began taxing virtual currencies in 2022, levying a 30% tax on the gains and a 1% deduction on each crypto transaction.

    While India-based crypto exchanges continued to require rigorous know-your-customer verifications before onboarding new users, the same hasn’t been true of many global platforms. Coinbase stopped signing up consumers in India last year.

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    Manish Singh

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  • OKX to end USDT pairs in EU, yet to list Solana meme coins

    OKX to end USDT pairs in EU, yet to list Solana meme coins

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    OKX has decided to discontinue Tether’s USDT trading pairs within the EEA, aligning with the EU’s forthcoming MiCA regulation. 

    The EU’s Markets in Crypto-Assets (MiCA) regulation introduces several restrictions and obligations, particularly targeting stablecoins and the broader spectrum of crypto-asset service providers. 

    Although the regulation does not specifically ban Tether (USDT), it imposes strict requirements on stablecoins issuers, particularly those considered significant due to size, user base, or market impact, a reason why market leaders like OKX are removing USDT trading pairs from the platform. 

    This strategic withdrawal precedes the EU’s expected enforcement of the Markets in Crypto-Assets (MiCA) regulation, which is set to be fully operational by Dec. 30 of this year. OKX customer support revealed this earlier today to several users. However, USDT trading pairs are still visible on the platform. 

    Furthermore, OKX, recognized as the second largest offshore exchange, has notably refrained from listing any recent Solana-based meme tokens. Given the recent popularity of meme coins like Bonk and Dogwifhat, this has surprised the crypto community. 

    Several users have continuously urged the platform to list these popular tokens. However, in a statement today, OKX CEO Star Xu emphasized that the platform will always prioritize tokens with proven utility and potential for early-stage investment. Xu also addressed the community’s efforts to influence listings through social media, stating that such actions would not impact the committee’s decisions and urging halting these practices.

    Xu’s response was a surprising strategy from the exchange, given that major competitors, like Binance, were proactive in listing the trending meme coins very early. The latest Solana meme coins, such as BONK and WIF, have rallied over 3,000% since their launches. Not listing them means OKX has opted not to profit from some of the largest trading activities in the current bull market. 


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  • Korean Authorities to Investigate OKX Over Improper Registration Complaints: Report

    Korean Authorities to Investigate OKX Over Improper Registration Complaints: Report

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    Authorities in South Korea are looking to investigate major cryptocurrency exchange OKX over complaints of the platform’s improper registration in the country.

    According to a report by News1 Media, South Korea’s Financial Intelligence Unit (FIU) received complaints from the country’s Digital Asset Exchange Association (DAXA).

    OKX Under Regulatory Probe

    DAXA, an alliance of South Korea’s five major crypto trading platforms, including Upbit, Bithumb, Coinone, Korbit, and Gopax, received information concerning OKX’s misconduct from unidentified sources. The organization conducted its research before taking the matter to the FIU.

    One of the requirements for a foreign platform to operate in South Korea is language support. Overseas exchanges must translate their content to Korea for users’ easy assimilation. Companies that fail to implement this criterion but continue to offer services to residents violate the Specific Financial Information Act.

    Currently, OKX does not support Korean on its website; hence, the firm is not properly registered to offer its services to residents. The trading platform removed Korean language translations and shut down official local community social media channels in September 2021, and the arrangement has remained so till now.

    However, the reports DAXA received accused OKX of promoting its Jumpstart program and other services in Telegram communities using influencers.

    The FIU intends to confirm the allegations through investigations before deciding on the next step.

    S. Korea Hostile Toward Crypto

    OKX’s decision to cease support for South Korea came as regulators in the country instructed foreign exchanges to either register their businesses locally or withdraw Korean language services from their platforms.

    The country enforced strict measures on the crypto industry after the collapse of the Terra ecosystem in 2022, demanding regular reports from exchanges operating within its borders. Korea’s hostile stance on cryptocurrencies extended to digital asset investment vehicles like spot Bitcoin exchange-traded funds, which regulators banned to stabilize the financial market and protect investors.

    The approval of spot Bitcoin ETFs from the U.S. Securities and Exchange Commission (SEC) last month did not seem to affect South Korea’s viewpoint of such crypto investment vehicles until a couple of days ago.

    As CryptoPotato reported, South Korea’s Financial Supervisory Service (FSS) chief intends to meet with U.S. SEC chair Gary Gensler soon to discuss discount measures like spot Bitcoin ETFs.

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  • Binance Sets New Record: Spot Trading Volume Reaches $427 Billion

    Binance Sets New Record: Spot Trading Volume Reaches $427 Billion

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    According to a recent CoinGecko report, Binance, the world’s largest centralized exchange (CEX) by trading volume, has retained its market leadership position in 2023. 

    Despite facing increased regulatory scrutiny and undergoing significant leadership changes, Binance maintained a market share of 43.7% and saw its spot trading volume rise to $427.1 billion in December 2023, representing a 37.5% month-on-month (MoM) increase.

    Binance Trading Volume Reached $3.8 Trillion In 2023

    According to CoinGecko’s report, Binance started the year with a commanding 63.5% market share but experienced a gradual decline throughout 2023, ending with a 43.7% market share in December. 

    While Binance still dominated the market with 52.6% of the total spot trading volume in 2023, the exchange’s relative market share decline was notable. In absolute terms, Binance generated $3.8 trillion in trading volume throughout the year.

    Total trading volume of the top 10 DEXs in 2023. Source: CoinGecko

    As previously reported, Binance faced significant regulatory pressure throughout 2023, culminating in a settlement agreement in November that required the exchange to pay a $4.3 billion fine to the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CTFC) for alleged financial breaches. 

    As part of the settlement, Binance’s CEO, Changpeng Zhao (CZ), also agreed to step down. Richard Teng has assumed the role of the company’s head, while CZ remains restricted from traveling outside the jurisdiction of the United States as the legal battle unfolds. 

    Upbit And OKX Follow Closely

    Upbit, South Korea’s largest cryptocurrency exchange, managed to maintain its position as the second-largest centralized exchange in 2023, with a 9.5% market share and $687.0 billion in spot trading volume for the year.

    According to the report, Upbit benefited from the Kimchi Premium, which resulted in strong local demand and premium prices for crypto assets. 

    The exchange’s monthly spot trading volume hit a yearly high of $90.7 billion in December, with a 93.5% quarter-on-quarter (QoQ) increase.

    Conversely, OKX secured the third position among centralized exchanges in 2023, with a 6.7% market share and $485.9 billion in trading volume. Throughout the year, OKX experienced a steady increase in market share, starting at 5.1% in January and ending at 8.9% in December. The exchange’s trading volume in Q4 reached $177.9 billion, reflecting a notable 151.6% QoQ gain.

    Among the top 10 centralized exchanges, CoinGecko reports that MEXC recorded the highest growth in Q4 2023, with trading volume surging by 203.7% to $90.4 billion. 

    Bybit followed closely with a growth rate of 162.1% ($107.5 billion), while KuCoin experienced a growth rate of 161.2% ($49.2 billion). KuCoin regained its spot in the Top 10 in Q4 after briefly losing it in Q3, with a market share of 3.3% at the end of December.

    Binance
    BNB’s price consolidation is above $300 on the 1-D chary. Source: BNBUSDT on TradingView.com

    Binance Coin (BNB) has successfully maintained its position above the $300 threshold, with the current trading price standing at $304. This represents a 1.8% decrease in price over the past 24 hours.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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  • Here's How Much Binance's Market Share Declined Amid CZ's Departure: Report

    Here's How Much Binance's Market Share Declined Amid CZ's Departure: Report

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    The latest TokenInsight report reveals that 2023 witnessed shifts in market share and trading volume among top exchanges, with Binance’s numbers decreasing from 54.2% to 48.7% while OKX’s and Bybit’s increasing by 4.3% and 2.2%, respectively.

    Binance, Upbit, and OKX occupy the top three positions in total annual trading volume, while Binance, OKX, and Bybit are in the lead regarding derivatives.

    Binance’s Market Share and Resilience

    At the beginning of 2023, Binance held a market share of 54.2%, maintaining a dominant position in the industry. However, events such as the end of the Zero-Fee Bitcoin trading promotion and the SEC filing a lawsuit in June impacted its market share, which dropped below 50%.

    The subsequent resignation of CEO CZ led to a temporary dip to 32%, but Binance quickly stabilized, ending the year with a 48.7% market share.

    According to the report, Binance’s resilience in the face of regulatory hurdles and its commitment to safeguarding user assets have instilled confidence among traders, mitigating a more substantial decline in market share. Surpassing initial expectations, the year saw only a 5% decrease in market share.

    While Binance experienced a decline, OKX and Bybit emerged as the biggest beneficiaries, with their market shares increasing by 4.3% and 2.2%, respectively. OKX’s total market share reached 15.7%, securing the second position, while Bybit claimed the third spot with an 11.6% market share.

    The top three in total annual trading volume comprised Binance, Upbit, and OKX, underscoring these platforms’ overall strength and influence despite the changing market dynamics. Binance continued to dominate spot and derivatives trading, holding a 53.7% share. However, this marked a decrease from 60.1% in 2022.

    OKX and Bybit secured second and third positions in spot and derivatives trading volumes, showcasing their versatility and market presence. Notably, over 90% of the trading volume in Bybit, Bitget, and OKX originated from derivatives trading, highlighting a trend among these exchanges.

    Decentralized Exchanges and Token Performance

    The report also sheds light on the performance of decentralized exchanges (DEX). Despite challenges faced by centralized exchanges, DEX maintained stability in 2023, accounting for approximately 2.83% of the total trading volume.

    Platforms like Orca and PancakeSwap experienced varying market share growth, with the Solana ecosystem gaining attention. The report delved into the performance of exchange tokens, highlighting significant price surges. FTT, MX, and BGB saw increases exceeding 200%, outperforming the broader market.

    Trader Joe’s native token, JOE, led the decentralized exchange token sector with a 400% growth. Additionally, the analysis of liquidity ratios indicated varying degrees of liquidity among tokens, with HT experiencing a price drop despite having relatively high liquidity.

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  • These Crypto Exchanges Are Navigating New UK Rules as January 8 Deadline Nears

    These Crypto Exchanges Are Navigating New UK Rules as January 8 Deadline Nears

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    Several crypto exchanges are taking steps to adhere to recently imposed regulations by the UK government. These regulations require crypto entities to inform users about the risks associated with trading digital assets and to promote their services responsibly.

    These measures have been implemented as part of the Financial Services and Markets Act in the UK, which has expanded its scope to include firms dealing with crypto and stablecoins, subjecting them to the same regulatory standards as traditional financial services.

    Adapting to UK Regulations

    In the case of Coinbase’s UK users, compliance involves disclosing their investor type and completing a form confirming their understanding of the high-risk nature of crypto investments, aligning with guidelines from the UK Financial Conduct Authority (FCA). In an email to its UK users, Coinbase has made it clear that both tasks must be completed to retain access to their accounts.

    A similar approach was taken by the Seychelles-based OKX, which issued a statement on January 2 stating its intention to implement new requirements in compliance with rules set by the UK’s regulator. Starting from January 8, UK users on OKX will be required to complete two questionnaires.

    The first questionnaire aims to ensure users are informed about the risks associated with crypto investments and will categorize users based on their investor profiles. The second questionnaire will inquire about users’ knowledge and experience in crypto investing to assess their understanding of certain topics and associated risks.

    Users failing to complete these tasks risk losing access to their accounts.

    Besides Coinbase and OKX, Crypto.com and Gemini have also expressed their commitment to meeting UK investor protection standards and ensuring that customers understand the risks involved in investing in crypto, the report said. They are actively working with local regulators to provide the necessary knowledge for users to make informed investment decisions.

    Significance of January 8

    The significance of January 8 lies in the fact that individuals using these platforms are obligated to complete a declaration detailing their investor profile and participate in a questionnaire focusing on financial services and regulations. This declaration requires users to identify themselves as either high-net-worth individuals or restricted investors, depending on specific criteria.

    The ultimate objective of these procedures is to promote responsible trading and protect investors. As such, crypto firms are required to secure authorization or registration from the Financial Conduct Authority (FCA) to promote cryptoassets to retail customers.

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  • OKX introduces new UK rules under FCA requirements

    OKX introduces new UK rules under FCA requirements

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    OKX exchange is set to implement new compliance measures for its U.K.-based consumers to comply with the upcoming FCA regulations. 

    The exchange announced today that all users residing in the U.K. must complete a detailed investor questionnaire beginning the following week. This questionnaire assesses their understanding of the risks of purchasing and trading cryptocurrencies. 

    There will also be an additional questionnaire to determine the suitability of crypto investments for each user. OKX emphasized that users who cannot successfully complete these questionnaires or those who fail to demonstrate a clear understanding of the associated risks will not be eligible to maintain an account with the exchange.

    These steps align with the new FCA regulations, set to be enforced starting Jan. 8th. This development comes after regulatory changes across the UK’s cryptocurrency market. Notably, Binance ceased accepting new U.K. users on Oct. 16th, following enhanced restrictions by the FCA and its ban on advertising for unregistered exchanges.

    Meanwhile, OKX proactively adapts to the impending regulations by reducing its digital asset offerings to roughly 40 tokens and incorporating prominent risk warnings within its user interface.

    OKX has recently revamped its security measures to ensure robust user trading. Last week, the exchange announced the delisting of several privacy tokens. This reflects the overall regulatory caution among crypto exchanges across the board. 


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  • OKX Loses Over $400,000 To Hackers

    OKX Loses Over $400,000 To Hackers

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    According to blockchain security company SlowMist, OKX DEX, a decentralized exchange aggregator platform, lost cryptocurrency valued at over $400,000.

    An attacker was able to transfer tokens that users had not allowed by compromising the management privileges of a market maker contract, according to the explanation for the vulnerability.

    On the OKX DEX aggregator platform, a deprecated proxy contract was the subject of a recent vulnerability that allowed a hacker to obtain administration access to the contract without authorization.

    OKX DEX: Deprecated Contract Raises Concerns

    When a protocol stops actively using a contract to carry out user transactions, it is considered deprecated. It appears that OKX has updated the contract but hasn’t entirely stopped using it.

    The claimTokens function of the OKX DEX smart contract experienced a problem, according to blockchain security firm SlowMist. The TokenApprove contract, which required user authorization, invokes the ability to send cash to a trustworthy DEX Proxy.

    On December 12, the SlowMist team reported that the OKX DEX Proxy Admin Owner upgraded the DEX Proxy contract with a new implementation. The purpose of this new implementation was to invoke the claimTokens function straight from the DEX contract.

    Total crypto market cap at $1.51 trillion on the daily chart: TradingView.com

    The exchange said that 18 of the approved addresses for the contract had been compromised, and linked the event to the management rights of a cancelled OKX DEX market maker contract being compromised.

    Additionally, the exchange pledged to pay back all impacted users. It would also carry out a comprehensive security examination in order to stop something similar from happening again.

    OKX Hack: Actual Damages Unknown

    According to PeckShield, another researcher specializing in blockchain security, this vulnerability has cost over $2.76 million.

    In the last 30 days, OKX DEX is thought to have had over 50,000 active user wallets; however, it is unknown how many users were impacted by the most recent hack.

    Users should employ caution while communicating with DeFi protocols, especially those supported by well-known firms in the industry, as highlighted by the OKX DEX breach.

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    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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