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OKEx Outranks BitMEX In Futures Trading Volume, Secures Top Spot

By Dare Shonubi
October 8, 2019 Updated April 12, 2022
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Well known crypto exchange, OKEx which was recently accused of wash trading and reporting fake trading volumes has now been ranked 1st in a supposed “Top Futures Exchange By Trading Volume” rankings seen on platforms like Coingecko and Bloomberg.

OKEx Comes First On Bloomberg’s Futures Exchange List

According to the Bloomberg list tagged “cryptocurrency league table” which ranked Futures crypto exchanges according to an increasing order of their respective trading volumes, OKEx was placed in the first place with a corresponding daily trading volume of $2.8 billion.

The list immediately placed BitMEX behind OKEx with a daily trading volume of $2.6 billion while Huobi DM falls in third place, recording a daily trading volume of $2.3 billion. Behind Huobi DM was Bybit with an estimated $953 million of daily trading volume in the fourth rank while CoinFlex, which recently announced physical delivery of Libra futures was in the fifth position with a recorded trading volume of $485 million.

OKEx Recently Featured In A Fake Volume Saga

The news comes following a fake volume allegation made by Blockchain Transparency Institute (BTI) in which OKEx, alongside other exchanges, was highly implicated. At the time, OKEx was said to be among exchanges with over 99.7% of their volume made up by wash trading. OKEx’s Head of Operations Andy Cheung has denied the allegations and condemned the report on Twitter.

In a later report by BTI which revealed how fake volume report on OKEx had greatly improved within a matter of days, OKEx COO, Andy Cheung, maintained that his crypto exchange platform, Okex, was not involved in and does not tolerate any trading behaviors relating to wash trading from customers. He, therefore, demanded an apology from BTI to resolve the issue.

Recent Developments At OKEx

According to a recent report by Coingape, OKEx in its desire to make crypto exchanges self-regulated, revealed its plans of forming a “Self-Regulated Organization” (SRO). According to plans, the organization will be responsible for standardizing exchange practices and policies. The Chief Operation Officer of OKEx said,

“Cryptocurrencies are global and decentralized, and the industry remains nascent, thus regulations by jurisdiction are not enough,” said Andy Cheung, Head of Operations for OKEx. “The only way for exchanges to grow and deliver impact is by joining together to develop practices and policies that will set a global standard and adapt to regional regulatory frameworks.”

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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