Friday, 19 July 2024

Crypto News

OK Group sunsets ‘Okcoin’ for a global transition to ‘OKX’

OK Group sunsets ‘Okcoin’ for a global transition to ‘OKX’

Major cryptocurrency exchange operator OK Group continues transforming its business, rebranding its crypto ventures under the single name “OKX.”

Hong Fang, chief operating officer at OK Group and president of OKX, took to X (formerly Twitter) to announce that Okcoin will be rebranding to OKX over the coming months. Founded in 2013, Okcoin will have the same name as OK Group’s other crypto venture, OKX (formerly OKEx).

“I’ve been part of Okcoin for five years. Over the years, we have put a lot of love and passion into our brand and product,” the exec wrote in the post. He added that the platform’s rebranding in key operational jurisdictions will be great for its customers and business.

Starting with Singapore, OK Group plans to sequentially rebrand “Okcoin” to “OKX” in Europe and the United States over the next few months, Fang said. The exec assured that customers will receive the “same set of product services under the same regulatory framework” and will interact with a new brand.

Fang also mentioned that OK Group recently sunsetted the “Okcoin” brand and product in a few regions, including Latin America, the Middle East and North Africa, South Asia, Hong Kong and other regions.

Related: Binance, OKX to comply with new financial promotions rules in UK

The executive emphasized that the U.S. has always been important to the company’s global strategy. “It is home base for a lot of us on our team. It is special to us,” Fang wrote, adding:

“Despite all the challenges, we remain committed to the U.S. as a visionary leader that upholds the standards of empowering individuals and protecting freedom with technology as it always has and defines our future as it should be.”

The news comes nearly one year after OK Group rebranded another part of its business, formerly known as OKEx. In December 2022, OKEx announced its transition to “OKX” to become more than just a centralized crypto exchange and capture decentralized finance, nonfungible tokens and Web3. The exchange was founded by OK Group CEO Star Xu in 2017.

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