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OKEx records $2.4 billion in daily trading volume without data to back claims

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OKEx records $2.4 billion in daily trading volume without data to back claims
Source: Pixabay

According to ‘official’ data, OKEx recorded a daily trading volume of $2.4 billion on crypto derivatives. The official report further stated that the trading platform had “topped the industry globally,” replacing BitMex.

However, the “official report” was not revealed for public viewing, with many in the cryptosphere questioning whether the figures were true and if the digital asset exchange had actually topped BitMex to secure the topmost spot. Andy Cheung, Head of Operations at OKEx, congratulated his team on Twitter, following which a user inquired if the claim was fake. Cheung responded,

“Not at all. You have my words.”

The Malta-based digital asset trading platform previously drew backlash after publishing false trading volume data, primarily to gain web traffic.

In December, the trading firm released “Perpetual Swaps,” a p2p virtual derivative. Presently, the cryptocurrencies offered under the derivatives include TRX, BSV, BCH, EOS, XRP, ETC, ETH, LTC, and BTC. Crypto media portals have attributed the exponential increase in trading volume to the launch of Perpetual Swaps.

Within three months of the launch, OKEx registered a trading volume of $53 billion. Talking about market optimism during the crypto winter, the operational head stated,

“It is encouraging that traders are positive and open-minded to the future of cryptocurrency. This really strengthens our faith in going further.”

The exchange previously found itself in the midst of controversy after the Bitcoin hard fork. What infuriated traders on its platform was the fact that the exchange forced an early settlement of BCH contracts without prior notification, at a time when the prices were slumping.

OKEx offers over 400 tokens on its platform, and OKEx further announced the launch of an Initial Exchange Offering [IEO] called ”OK Jumpstart” on its platform soon. The IEO will essentially focus on incubating potential investors and entrepreneurs.



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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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