OKX China
The business, the turning points, and the decisions behind them.
Some sections are still being researched2 / 4
Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
OKX is one of the world's largest cryptocurrency exchanges, founded in 2017 by Star Xu (formerly OKEx). It offers spot, margin and derivatives trading on hundreds of digital assets, alongside a self-custody Web3 wallet and DeFi services. The company was founded in China but moved its operations offshore after Beijing banned crypto trading; it remains an active global exchange and did not fail or shut down.
02 / FAILURE REASONS
Material for this section is being gathered and checked. It will appear here once ready.
03 / EVENT HISTORY
Events in the structured record
- Mainland China exit
Following Beijing's blanket ban on crypto trading and mining, OKX's Chinese operating entity Beijing Lekuda Network Technology decided to dissolve in June 2021, and the exchange cut off mainland users, moving its operations fully offshore.
- Hong Kong withdrawal
After careful consideration of its business strategy, OKX withdrew its Hong Kong virtual asset service provider (VASP) license application and ceased centralized trading services for Hong Kong residents on May 31, 2024, ahead of the new licensing regime. Users were given until August 31, 2024 to withdraw assets; OKX's Web3 self-custody wallet continued to serve Hong Kong users.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
Material for this section is being gathered and checked. It will appear here once ready.