OKEx Leads Strong Bitcoin Futures Market Off the Back of CFTC Charges

Following the recent US CFTC indictment against crypto derivatives giant BitMEX for rules violation, Malta-based OKEx is now leading the Bitcoin futures market in the final quarter of 2020.

According to Skew, daily volumes of BTC futures at OKEx on Oct 4 was $1.3 billion compared to the $1.2 billion of the closest competitor, BitMEX. OKEx also recorded the highest Open interest at $850 million compared to BitMEX’s $620 million. 

Okex Chart

Leading crypto market data aggregator CoinGecko also ranked OKEx above other crypto derivatives exchanges. 

According to CoinGecko, OKEx, with 608 trading pairs across its futures, perpetual swap, and options markets, holds a record of about $2.8 billion for 24-hour trading volume and a combined open interest of $1.4 billion.

A resilient crypto industry

The third quarter of 2020 did not end well for the cryptocurrency industry. Coinfomania reported several negative news from Kucoin losing over $200 million in a security incident to the United States Commodity Futures Trading Commission (CFTC) hammering BitMEX for operating an unregulated exchange and violating other US rules.

In another report today, the UK financial watchdog has moved to officially ban the sales of crypto derivative products to retail investors starting from 2021. The regulator claimed the move is to protect retail investors from volatile and unsafe investments. 

However, despite these unfortunate events, the market continues to grow stronger with Bitcoin trading solidly above $10,000, an indication that October and the final quarter of this year may, after all, be good for Bitcoin. It also indicates that the crypto industry is maturing. 

Commenting on OKEx’s outstanding achievements, the exchange’s CEO Jay Hao said: 

“We are extremely encouraged to see OKEx putting in such a strong performance as we enter the last quarter of what has been a challenging year for many businesses, particularly in traditional industries. As our flagship product, OKEx is pleased to be dominating the BTC futures space, but we’re also proud of our ever-expanding offerings that allow our traders to capitalize on the latest up-and-coming projects as well as trade popular DeFi tokens and other altcoins using margin and perpetual swap.”

See Also: OKEx Sees Over $54M Worth of OKB Staked in DeFi Yield Farming Frenzy

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Author: Abigail Michelle

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Author: Abigail Michelle