Departure of executives from the OKX crypto exchange raised some big questions

It seems the OKX crypto exchange is facing some kind of big regulatory pressure in the US. 

OKX (formerly OKEx), a crypto exchange founded by Star Xu in 2017, is based in Seychelles and offers spot and derivatives trading services. OK Group is the backend company behind this exchange. Over the last year, the company showed a significant Inclination toward the branding of its offshore crypto exchange.

OKX is available globally but has some restrictions for US users due to regulatory and compliance issues, limiting services like asset trading and deposit methods.

Currently, OKX is the second top offshore crypto exchange with a $3.2 billion 24-hour crypto trade volume on the platform. 

As per reports, Tim Byun, head of global government relations, and Wei Lan, head of product, recently left OKX exchange. 

It is worth it to note that OKX Global Compliance Chief Patrick Donegan, left in January after just six months of job at this crypto exchange. 

So we can say that three top executives from OKX exchange stepped down from their roles within the last 4 months.

A similar kind of heavy executive departure was seen with Binance, the top crypto exchange by market, in 2023 following the start of a US investigation against the exchange. 

By considering all these factors, people claimed that OKX was facing some kind of big regulatory pressure or investigation from the US regulatory bodies.

OKX quits India

In March of this year, this crypto exchange announced its departure from the Indian crypto market. As per the announcement, the exchange failed to comply with the mandatory laws in the jurisdiction of India.

OKX Launches X Layer 

Just a day ago we reported that the OKX crypto exchange launched the Ethereum layer-2 scaling network called “X layer”. With the new blockchain network, OKX exchange aimed to fight against all the challenges associated with the existing top blockchain networks. 

Read also: Telegram founder says crypto-like technology may help to fight against gov’t surveillance