OKEx Resumes P2P Fiat Trading for Chinese Yuan, Indian Rupee, & Vietnamese Dong

Cryptocurrency exchange OKEx announced on Wednesday that it is resuming peer-to-peer (P2P) trading for CNY, INR, and VND fiat pairs from today at 12:00 pm (UTC). Buy Crypto fiat gateways are also being reactivated.

However, cryptocurrency withdrawals remain temporarily suspended with “sell crypto options still not available.” The exchange also warns off of escrow trading due to the risk of scams and disputes.

Early last week, OKEx suspended a digital asset withdrawal, saying it was “out of touch” with one of the holders of the private keys who is cooperating with a police investigation.

There have been reports that OKEx’s Chinese founder Xu Mingxing was taken away by police.

It is not clear what the investigation is about, but there have been signs of a renewed crackdown on money-laundering activities on OTC trading platforms.

An OKEx seller told Caixin that “scrutiny has been tightened recently.” The seller further shared that buyers must provide screenshots of their payment accounts to regulators within a week for identification and account verification purposes for OTC transactions.

The exchange, meanwhile, maintains that user funds are safe and not affected. All the other functions are also working normally.

“No on-chain out-flow from OKEx has taken place since withdrawals were suspended on 10/16. Instead, there’s been continuous on-chain in-flow to OKEx,” tweeted OKEx CEO Jay Hao on Tuesday. “Your assets are safe. We’ll do our best to resume withdrawals ASAP.”

For the Chinese crypto traders since late 2017, when the central bank of the country banned direct fiat on-ramp services, P2P trading has been the only way to trade. With withdrawals at the exchange suspended, crypto-assets like BTC and USDT on OKEx have been sold at a discount.

In response, OKEx banned some users’ accounts. “Multiple accounts have triggered our risk management system. As a result, those accounts have been automatically banned for internal transfers. To ensure the safety of your assets, we’d like to remind users not to engage in unauthorized platforms,” tweeted the exchange.

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Author: AnTy

Binance Adds More Value to BNB through Yield Farming on Launchpool Platform

Centralized cryptocurrency exchanges, OKEx, and Binance, are now jumping on the bandwagon of yield farming, the hottest thing in the DeFi.

After launching the mainnet of its smart contract-enabled blockchain and an AMM called Binance Liquid Swap recently, popular crypto exchange Binance released Launchpool to take advantage of the leading DeFi growth driver.

The exchange clarified that Launchpool is a new product, different from Launchpad, which will continue as normal, that allows users to earn yields from farming new coins while staking BNB and other digital assets. “BNB staked in Launchpool also counts for Launchpad,” it says.

Binance announced this latest product over the weekend, which will allow users to earn income by staking their tokens.

For now, users will be able to stake Binance’s native token BNB and its very own stablecoin BUSD, along with another token, ARPA.

Launchpool has also announced the first project it is hosting, which is Bella Protocol, which raised $4 million in a seed funding round led by Arrington XRP Capital last month. The project aims to enhance the user experience when interacting with DeFi assets by removing complex issues like high gas fees and hopping to different protocols in search of high yields.

Users can start providing staked liquidity this Wednesday for 30 days in three separate pools. A week from that, the exchange will list the BEL token against four crypto assets BTC, USDT, BNB, and BUSD.

Binance is offering BEL rewards at 90% for staking BNB, 9% for staking BUSD, and 1% for ARPA.

“If you think CeFi farming yield won’t be higher than DeFi, think again,” said Binance CEO Changpeng “CZ” Zhao.

In decentralized finance, however, it can be much higher.

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Author: AnTy

OKEx Exchange Considers Delisting ETC After $5.6 Million Loss Due to a 51% Attack

OKEx will consider delisting Ethereum Classic (ETC) following the recent 51% attacks that saw the crypto exchange lose $5.6 million. This was prompted by a double-spend where the attacker created confusion by launching a ‘shadow chain’ and leveraging OKEx’s high ETC liquidity. A report released by the crypto exchange on August 15 details:

“As for why the attacker(s) chose OKEx in particular to purchase and trade their ETC, the most likely reason is liquidity. OKEx provides excellent ETC liquidity, seeing some of the largest ETC transaction volumes in the industry.”

ETC’s 51% Attack Via OKEx

As per the report, this attack was well orchestrated and had been in play since June, when the malicious actors created five accounts with OKEx. The crypto exchange went on to approve the KYC documents of these attackers, not knowing the underlying motive. Interestingly, all these accounts passed the platform’s level 2 and 3 KYC protocols, which attracted an increase in their withdrawal limits.

Having penetrated the OKEx ecosystem and gaining liquidity exposure to ETC, the attackers went on to deposit 68,230.02 ZEC into their OKEx accounts. These funds were then converted to ETC and withdrawn to multiple external addresses, totaling $5.6 million worth of Ethereum classic. With the funds already transferred, the attackers initiated the 51% attack, which took place in three stages.

“The whole operation can be broken into three stages: 1) the creation of a “shadow chain” or a secret, alternate chain to ETC’s mainnet, 2) the actual double-spend, and 3) the profound chain reorganization that resulted in losses to OKEx.”

OKEx Bares the Losses

OKEx has since clarified that the company bore the $5.6 million loss, according to its user protection policies, which means that ETC funds deposited with them remained safe. The 51% attack on the ETC blockchain took place twice, with the initial one being on August 1 while the second followed on August 6. OKEx was, however, only affected by the first attack since it had already halted ETC deposits and withdrawals.

The exchange noted that it took some short and long-term measures to prevent such a risk in the future. If not delisted, OKEx plans to increase ETC confirmation times should the community act on improving the security of this blockchain. According to the company’s CEO, Jay Hao, they are not in a rush to delist ETC given its significance in the platform’s liquidity:

“Given ETC’s popularity and standing, we are not rushing into delisting … However, they need to implement significant upgrades to the network to reduce the chances of another 51% attack happening.”

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Author: Edwin Munyui

OKEx Rolls Out A P2P Crypto Exchange in India With Zero Transaction Fees

The popular Malta-based spot and derivatives exchange – OKEx – has been eyeing the Indian crypto market for some time, and has now announced its plans to launch a peer-to-peer crypto exchange in India with zero trading fees. The firm is set to launch the platform by August 5.

Jay Hao, the chief executive of OKEx, commented on their recent endeavor into India and promised to improve the ecological layout and overall trading experience for Indian users. He said:

“We’re committed to connecting Indian traders to the international crypto-trading marketplace by providing a one-stop service for Indian traders, including spot and many kinds of derivatives. What’s more, OKEx will also further improve the ecological layout in India and enhance the trading experience of Indian users.”

The platform would offer Bitcoin and USDT trading pairs against the national fiat – INR. The firm has promised to add other coins later as the demand picks up. The platform would also allow INR deposits via popular online payment portals like UPI, IMPS, and NEFT.

OKEx Launches 30,000 USDT Giveaway Campaign to Promote Their Launch

OKEx launched a giveaway program to promote its new platform with 30,000 USDT being up for grabs. Users can benefit by participating in the giveaway contest comprising of quizzes, social media postings, and referring friends.

There remains an interest in international exchanges in the Indian crypto ecosystem, despite the uncertainty of over-regulation. OKEx also invested in the Indian derivative exchange CoinDCX during its seed funding round. Apart from OKEx, Binance, the world’s leading exchange, has also shown great interest in the Indian market and has already availed INR on-boarding for Indian customers. Apart from that, Binance also acquired WazirX exchange.

Research from OKEx also revealed the growing interest of Indian customers in the crypto space, and there are currently 5 million Indians with crypto holdings. While another analysis from CoinDCX revealed a 1031.4% month-on-month increase in BTC/INR trading volume.

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Author: Hank Klinger

OKEx Partners With Settle Network to Offer Fiat Gateway For Latin Americans

OKEx, one of the prominent crypto derivatives exchange, has partnered with Settle Network LATAM ((Latin America) to offer fiat onboarding for Latin Americans with support for three local currencies. The crypto exchange made their partnership public on July 3rd, informing locals that they can purchase Bitcoin and Ethereum on their platform using Argentine peso (ARS), the Brazilian real (BRL), and the Mexican peso (MXN).

LATAM digital settlement network is supposedly the largest digital settlement network in Latin America. The firm’s Latamex platform has been specially developed to allow people to make crypto purchases using local fiat currencies. Jay Hao, CEO of OKEx commented on their recent partnership and said,

“One of the important goals of OKEx is to enable everyone to enjoy intermediary-free financial services by promoting the blockchain-driven economy. For that, it’s essential to lower the threshold for the exchange between cryptocurrencies and fiat currencies in order to cover users in more countries and regions. The cooperation with Settle Network is of strategic significance to OKEx. Latin American users can now purchase BTC and ETH with multiple local currencies in a compliant way through bank transfers. In the future, OKEx will continue to expand the coverage of fiat currencies to allow more users to purchase cryptocurrencies more conveniently.”

Fiat Gateways Have Become Common To Drive Adoption

Fiat gateways or fiat onboarding has become quite a trend for crypto exchanges to help them expand their reach and subsequently help in broader crypto adoption. Earlier traders had to depend on utility tokens or stablecoins to buy cryptocurrencies, which at the time looked convenient but looked quite complicated for a new entrant. However, with direct bank transfers and fiat gateways, even a newbie can invest in bitcoin or any other cryptocurrency.

OKEx is not the first crypto exchange to partner with the Latin American payment processing giants. Binance was the first exchange for making use of Settle network’s LATAM product for fiat onboarding of locals during the last quarter of 2019. The largest crypto exchange by trading volume has been expanding rapidly, availing new derivative products and services. Among these, the fiat-gateway for several countries was the talk of the town.

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Author: James W

OKEx Closes Partnership with Paxful to Enable Fiat On-Ramps

Famous crypto exchange OKEx and peer-to-peer (P2P) marketplace Paxful have just closed a new partnership to offer its customers new fiat on-ramps.

In a statement from Monday, Paxful said the new move will also bring benefits to its own users, as it provides ease of access and better liquidity. As per the same statement says, Paxful will also provide for OKEx a fiat-to-crypto ramp, meaning its customers will be able to buy Bitcoin (BTC) with more than 160 currencies, the Euro, the Indian Rupee, the Pound Sterling and the Thai Baht included. Here’s what Paxful’s co-founder and CEO, Ray Youssef, had to say about the new move:

“With this partnership, we hope to make crypto more accessible as a real-world payment method.”

Paxful Users to Operate on the OKEx Options Trading and DEX Platforms

Paxful further said the partnership will as well enable its users to use the OKEx trading options and DEX platforms. Jay Hao, the CEO of OKEx, had this to say about the new agreement with the P2P marketplace:

“Through this partnership, we can reach more users in developing regions using Paxful’s existing infrastructure and payment options.”

Paxful to Push into the Southeastern Asian Market

When it comes to Paxful’s plans for the future, these are about pushing into new markets. Artur Schaback, the co-founder of Paxful, said his company is looking into several Southeastern Asian countries such as Singapore, Malaysia and Indonesia. As per data from Useful Tulips, a well-known analytics firm, the trading volume at Paxful in Southeast Asia has been considerably growing over this past year.

Schaback further admitted that regulations are and will always raise concerns, seeing Paxful announced Wednesday on Twitter that it no longer conducts transactions through or with the Bank of Venezuela, which is state-owned, as a result of US sanctions.

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Author: Oana Ularu

OKEx Crypto Exchange Launches ETH Options Contract; EOS Options Trading to Follow

One of the largest cryptocurrency trading and derivative platform OKEx, announced the launch of its Ether options contract on June 4th.

On June 18th, the trading platform will also launch the EOS/USD options as well. The trading platform also confirmed that they had put 1000 ETH in the ETH Options insurance fund to avoid a clawback.

OKEx has managed to make a name for itself in the derivatives market, offering a range of derivative products, including crypto futures and perpetual swaps for BTC and ETH.

Before launching the Ether/USD options, the firm has already launched BTC/USD options, which has proven to be a hit among traders. As per a recent data set released by Skew, OKEx’s BTC/USD options brought in an average daily transaction volume of over $10 million. Jay Hao, CEO of OKEx.commented on the launch of Ether options contract and said:

“The launch of the ETH/USD options provides our users with more trading tools to fulfill their needs of executing different trading strategies. Based on the success of the OKEx BTC/USD options, we are confident to bring users better options trading experience. “OKEx will never stop innovating our products and provide users with one-stop trading services. For example, EOS/USD options will open soon on OKEx. Stay tuned!”

OKEx’s success in the derivatives market meant that it successfully overtook Bitmex to become the largest bitcoin futures market share.

Derivative products help in hedging risks in hard times and maximize profits. Among these numerous derivative products, options and futures are the most popular ones.

Options contracts allow the traders to buy/sell depending on the type of contract, and the underlying asset, be it Bitcoin or Ether, helps traders to hedge risk.

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Author: Rebecca Asseh

OKEx Mining Pool Becomes Proof-of-Stake (PoS) Validator For Ethereum 2.0 Topaz Testnet

  • OKEx becomes the latest exchange to join Ethereum 2.0 testnet validators’ pool.
  • The Topaz testnet phase 0 is set to be released in 2020 in readiness for the mainnet launch.

One of Ethereum’s largest mining pools – OKEx Pool – announced they are joining the Ethereum 2.0 Topaz testnet as a validator.

The exchange-based mining pool becomes one of the first pools to launch a Topaz testnet showing its support for ETH moving from a proof of work (PoW) to a proof of stake (PoS) system.

The move is set to mutually benefit existing pools and ETH 2.0 developments, with users expected to be the biggest gainers. The exchange is expected to boost the traffic on the testnet and create a convenient and direct way for a large number of ETH 2.0 Topaz users and dev teams.

“For mining pools, betting on the ETH network will allow them to grow together and share future dividends”. – OKEx Pool benefits on launching support for the ETH 2.0 Topaz testnet.

Alysa Xu, Chief Strategy Officer at OKEx, showed appreciation as OKEx becomes one of the first ETH mining pools to offer support for the Topaz ETH 2.0 testnet network. The exchange pool will work with ETH 2.0 developers to help tap into the potentials the Proof-of-Stake (PoS) system offers. In the release, Xu said:

“We appreciate what ETH dedicated to the industry and have great confidence in the potentials of ETH 2.0. We are willing to contribute to the ETH ecosystem.”

The exchange pool has partnered with Prysmatic Labs, to boost development on the Topaz testnet, which is a new iteration of Prysmatic Labs’ testing environment.

“We have already established the collaboration with Prysmatic Lab and more specific cooperation will be carried out by us to promote the development of ETH in the near future.”

As ETH rallies past new resistance levels, the anticipation for the launch of ETH 2.0 grows stronger as potential stakers rush to buy the token.

The Topaz testnet replaces the Sapphire testnet hence changing the number of tokens needed to successfully become a node in staking from 3.2 ETH to 32 ETH. Currently, Ethereum trades at $213 after a 5% boost in the past 24 hours.

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Author: Lujan Odera

OKEx Exchange Launches A Conversion Tool To Convert Crypto Dust to OKB Tokens

OKEx is finally getting its broom service after launching a product to help users convert their small balances, commonly referred to as ‘dust’, into its native exchange coin, OKB.

OKEx launches its own “broom” service

The announcement on Apr. 7 confirmed the exchange launched its “small balances conversion product” that will enable users on the platform to convert “dust” to the OKB token. Users will be able to access the service through their funding account from the “My Account” settings menu and selecting the “Convert Small Balances to OKB” button.

This is a similar platform to Binance’s conversion of small balances to BNB, its native exchange token, which CZ, Binance CEO referred to as a “broom”.

Dust refers to balances below 0.001 BTC (~7.20 USD, as of press time) across all currencies and no limit to the number of conversions to OKB. Given the volatile nature of BTC and crypto, the conversions will only take place when the price ranges below 5%.

NOTE: Suspended transactions and delisted digital assets cannot exchange.

OKEx recent developments in the industry

This is the latest of developments the exchange is celebrating over the first quarter of the year. The exchange grew to become the largest Bitcoin Futures exchange in trade volume, introduced a new C2C loan feature on their platform, and also launched its own decentralized exchange.

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Author: Lujan Odera

OKEx Launches New C2C Loan Feature; Use BTC As Collateral To Get USDT for Trading

OKEx made a step into the DeFi world and launched its new consumer to consumer (C2C) loan feature that aims to match the demand and supply of idle capital transparently and openly.

The times when crypto exchanges were scrambling to have listings of the most active tokens are long gone. Nowadays, the competition takes place on completely new terrains like the ones of cloud services and IEOs, so OKEx wants to provide a peer-to-peer (P2P) loan service and launched its new C2C loan feature.

Users Will Transact Directly

The exchange says on its blog that the new C2C feature is going to allow direct transactions, whereas the demands for loans and investment will surely be met. Users can use the C2C loan button once they update their OKEx app. In order to buy money from peers, they will have to put Bitcoin (BTC) as collateral, after which they’ll get paid in USDT. More assets are to be supported soon, said OKEx. Some interesting features like choosing the rates for payments and the duration of the loan are also available for them.

What Happens If a Debt Isn’t Paid?

Just like with any other type of loan, there are risks involved with the C2C feature too. For instance, if the borrower is unable to pay the debt, OKEx employs its system especially built for such a situation. In case the collateral declines under the prewarning limit, the borrower is sent a warning message to increase it. If this isn’t done, the platform closes the position as soon as the price gets to the closing line. Borrowers will be in the position of losing their BTC, while lenders will be sure to not be left without their money.

OKEx is expanding more and more, trying to offer better tools and options to a variety of customers. Now it’s no longer a derivatives and spot trading service, but also a precursor of the DeFi’s development.

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Author: Oana Ularu