Latest news with #StarXu
Finextra
09-07-2025
- Business
- Finextra
Circle and OKX work to deepen liquidity for USDC
Circle Internet Group, Inc. (NYSE: CRCL) and OKX have partnered to deepen liquidity for both USD-to-USDC and USDC-to-USD conversions, making USDC more accessible to OKX's 60+ million global customers. 1 Through this partnership, customers will be able to easily convert between USD into USDC and back on a 1:1 basis across OKX products and services. Additionally, OKX will simplify on-and off-ramping via mutual banking partners, making it easier for customers to use USDC for trading, payments, and more. Circle and OKX will also collaborate on educational and community engagement programs to help users learn more about the benefits of digital currencies such as USDC. 'Demand for USDC continues from businesses and individuals eager to adopt this new form of high-utility and internet-based money,' said Co-founder, Chairman and CEO of Circle Jeremy Allaire. 'OKX is a preeminent leader in digital asset markets, and by extending USDC's reach to OKX's over 60 million global users, we are driving growth in digital asset markets while also building on and integrating with the wide-range of innovative Web3 wallet and payments applications that OKX continues to pioneer.' 'Our partnership with Circle is important because it delivers increased liquidity and access for customers to a market-leading stablecoin in USDC,' said OKX Founder and CEO Star Xu. 'By working together, we're further improving the user experience across our platform while accelerating the adoption of stablecoins in everyday finance.' This partnership will provide users with more options, enhance the trading experience, and create new opportunities for individuals and businesses worldwide to seamlessly use USDC.
Arabian Post
23-06-2025
- Business
- Arabian Post
OKX Targets US IPO After $505 Million DOJ Accord
OKX is considering a US initial public offering following its April relaunch in America, which came after the exchange paid a total of $505 million to settle Department of Justice charges for operating without a money-transmitting licence. The settlement comprised an $84 million fine and the forfeiture of $421 million in earnings, predominantly drawn from institutional activity. The Seychelles-based platform formally pleaded guilty to US anti‑money‑laundering and Know Your Customer deficiencies, marking a significant compliance turnaround. Its re-entry strategy included appointing Roshan Robert, former Barclays director, as its US CEO and establishing a regional headquarters in San Jose, California. The focus is on a phased rollout of a centralised exchange and the OKX Wallet, which supports 130 blockchains and a DEX aggregator with access to more than 10 million tokens. Insiders suggest that buoyed by regained US compliance and growing user demand, OKX is now assessing an IPO as early as the first quarter of 2026. Such a move would mark its shift from a privately held crypto entity to a publicly accountable company, increasing transparency and potentially assuring investors and regulators alike of its commitment to best practice. ADVERTISEMENT Industry observers note that OKX's ambition aligns with broader trends in the crypto space. Rivals such as Coinbase underwent similar transitions, leveraging IPOs to enhance visibility and unlock capital for product development. OKX's path, however, is distinguished by its heavier regulatory baggage and the scale of its US re-entry, which could either strengthen its credibility or raise fresh scrutiny. Market analysts highlight several factors that could influence the success of an IPO. These include OKX's ability to sustain compliance upgrades, the performance of its US exchange and wallet division, and the overall sentiment in financial markets towards regulated crypto firms. The firm's leadership anticipates that demonstrating stringent compliance and deep liquidity will be pivotal in securing investor confidence. According to statements from OKX's Star Xu, the exchange aspires to become 'the gold standard of global compliance at scale,' an ambition underscored by its decision to engage a compliance consultant post‑settlement. The timing of the potential IPO is crucial. Market conditions in early 2026 will determine valuation and investor appetite, particularly if macroeconomic headwinds or equity market volatility persist. OKX will also compete for attention with other crypto entrants, including those preparing to go public or seeking regulatory approval for spot Bitcoin ETFs. OKX insiders stress that success hinges on execution in several areas: maintaining licence approvals in multiple jurisdictions, expanding US user adoption, and integrating fiat ramps to bolster accessibility. The San Jose hub is positioned as a central node for regulatory engagement, staff expansion, and innovation, with the US team reportedly growing aggressively since April. Should OKX proceed with an IPO, it will signal a full-circle moment—from prosecution and penalties to listing on a major US exchange. The move would also put it in direct competition with publicly traded peers, raising expectations for quarterly reporting, rigorous audits, and adherence to US securities law. Regulators will likely scrutinise OKX's filings, probing its past compliance gaps and evaluating its new internal controls. Investors and analysts will examine user metrics, trading volumes, fee structures, and the viability of the wallet service as revenue drivers. The success or failure of OKX's US debut could shape the narrative for other non-US crypto exchanges contemplating public listings.
Yahoo
15-04-2025
- Business
- Yahoo
Investors of Mantra Refute Claims of OM Token Dumping Ahead of Crash Despite Arkham Findings
Mantra is under scrutiny following the recent collapse of its OM token, which experienced a sharp decline on April 13. The fallout has raised questions about potential insider trading, particularly involving Laser Digital, a strategic investor in the project. On April 14, Laser Digital publicly denied allegations that it transferred significant amounts of OM tokens before the crash. According to blockchain analytics firm Lookonchain, 43.6 million OM tokens, valued at approximately $227 million, were moved to exchanges by 17 wallets just days before the collapse. Among these, wallets linked to Laser Digital were reported to have transferred 6.5 million OM tokens worth $41.6 million to the OKX exchange. This transaction took place on April 11, just days before the token plummeted. In response to the allegations, Laser Digital, which is backed by Nomura, stated that the wallets in question do not belong to the firm. In a post on X, they asserted, 'Laser has no involvement in the recent price collapse of $OM. Assertions circulating on social media that link Laser to 'investor selling' are factually incorrect and misleading.' The situation is complicated by the actions of other investors. Shane Shin, a founding partner at Shorooq Partners, reportedly received 2 million OM tokens just hours before the crash. However, a spokesperson for Shorooq emphasized that neither the firm nor its partners sold OM tokens in the lead-up to the incident, asserting their commitment to the long-term growth of Mantra. As this crisis unfolds, both OKX and Binance have addressed the volatility surrounding the OM token. OKX founder Star Xu characterized the incident as a 'big scandal to the whole crypto industry.' Meanwhile, Binance suggested that the crash may have been linked to 'cross-exchange liquidations,' indicating a more complex market dynamic. Mantra's management has yet to comment on the implications of the token's collapse or its impact on the recently announced $109 million Mantra Ecosystem Fund, leaving investors and stakeholders seeking clarity amidst the turmoil.
Yahoo
12-03-2025
- Business
- Yahoo
European Regulators Probe OKX Web3 Platform Over $1.5 Billion Hack and Potential Violation of Crypto Regulations
European regulators are investigating OKX's Web3 platform after a $1.5 billion hack on the Bybit exchange, with the belief that stolen funds were laundered through the platform. The investigation focuses on whether OKX's Web3 platform falls under the EU's new Markets in Cryptoassets (MiCA) regulation, which would determine if the platform should face penalties. Regulators from Austria and Croatia have argued that, because OKX's Web3 service is integrated with the exchange, it should be subject to MiCA. The hack involved North Korean hackers who laundered around $100 million worth of Ether through decentralized finance services. On March 6, European regulators held a meeting to determine if OKX's Web3 platform should fall under MiCA. Some regulators argued that because OKX controls its Web3 platform through OKX Singapore, it should be regulated by MiCA, despite the service being marketed as decentralized and self-custodial. In response to the allegations, OKX denied any involvement in laundering the stolen funds. The company stated that it has been working with Bybit to track wallet addresses and block those associated with the breach. OKX also clarified that its Web3 service functions as a wallet aggregator and is designed to provide an enhanced user experience, maintaining that it is separate from its centralized exchange and not directly regulated by Singapore's central bank. OKX operates its European hub in Malta, where it has been granted MiCA pre-authorization, allowing it to offer services across the European Economic Area. However, some regulators have raised concerns about this authorization, suggesting that it may need to be re-evaluated due to the hack. If the Web3 service is considered part of the centralized exchange, it could face more stringent regulatory oversight. This would likely impact other platforms operating similarly. OKX CEO Star Xu has criticized Bybit's handling of the breach, stating that Bybit's own vulnerabilities led to the attack. He emphasized that Bybit's Web3 wallet and decentralized exchange were based on OKX's API. Despite this, OKX has insisted that it took immediate action to freeze the funds entering its centralized exchange and blocked the hacker's addresses from using its decentralized services. Regulators are also investigating whether the attack violated sanctions on North Korea, given the suspected involvement of North Korean hackers. While no formal actions have been taken yet, regulators are preparing to take enforcement actions if necessary. The outcome of the investigation could have significant consequences for OKX and influence how Web3 platforms are regulated across Europe in the future.
