[2018-11-25]How OKEx Exchange Is Handling “Market Manipulation” Case

[anamie]

How OKEx Exchange Is Handling “Market Manipulation” Case

Last week, OKEx exchange faced negative publicity and accusations of marketing manipulation after adjusting Bitcoin Cash (BCH) futures settlements during the notorious hard fork.

On November 20, the exchange responded to those allegations, essentially defending its decision and promising to provide evidence if the case goes to court. Curiously, it is at least the third time this year that OKEx has shown strange price volatility on their exchange.

Brief introduction to OKEx, major crypto futures trading player

OKEx was founded in 2017 as an international arm of the no longer operating Chinese exchange OKCoin. According to data from CoinMarketCap, it is currently the second largest player by volume, handling more than $1 billion worth of crypto trades per day. OKEx is based in Belize and has an operating hub in Hong Kong. Moreover, in April 2018, the company expanded its presence to Malta, citing their “confidence” in the local government’s approach to cryptocurrencies.

The exchange has been focusing on futures trading, which is basically an agreement to buy or sell an asset on a specific future date at a specific price, hence representing a risk management tool for investors.

On Nov. 3, 2017, OKEx launched its Bitcoin Cash (BCH) and Ethereum (ETH) futures trading, while its parent company OKCoin had been trading Bitcoin (BTC) futures since 2014. In December 2017, crypto futures received wider recognition after mainstream exchanges Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME) introduced BTC futures trading to the wider market.

Readmore: https://cointelegraph.com/news/how-okex-exchange-is-handling-market-manipulation-case

[gentlemand]

Why would anyone expect honesty from this outfit? In the zero fee days they were paying employees to run bots to keep their illusory volume up. The CEO kept private keys in his girlfriend's grandmother's cupboard. They were also accused of using customer funds in dodgy investment schemes.

A name change doesn't stop you from being a scumbag.

[darkangel11]

The manipulation of the BTC market by Chinese exchanges and their fake volume was one of the reasons why they were banned in 2014 and had to escape to Hong Kong, South Korea and other places. I'm pretty sure they're still doing it in their new locations along with other stuff like tether printing, launching their own coins that they later pump or dump, blocking coin trading for maintenance and trading behind people's backs. We've seen it all.