Exchange

OKEx Reacts on Allegations of Market Manipulation, Denies Guilty

OKEx, the second largest crypto exchange platform has received mass backlash for delivering BCH futures without warning, causing ‘market manipulations.’ And now, OKEx responds on this while saying that these are “Completely False Allegations”.

A global electronic trading firm, Amber AI has directly accused OKEx of creating market manipulations. It states, “Over the past week, we have seen behavior indicative of market manipulation by OKEx, and estimate $400mm+ of futures contracts have been forced into liquidation as a result.”

It further proclaims, “Instead of allowing the market to free-float, or continuing to enforce the limit-down rule, OKEx announces that they will settle the BCH futures contracts early against the last traded price at 09:05 AM Nov 14, 2018, CET (UTC +1).” Reportedly, traders are claiming with outrage that the loss is amounting $24 million.

OKEX Special Announcement

On this OKEx has chosen to rebuff while stating that these are entirely wrong allegations, and the defamatory statements have caused severe damage to OKEx’s reputation. The exchange explains that early delivery was the best option available.

Regarding Amber AI, OKEx clarified that “We do not have an institutional client profile named Amber AI, while Amber AI claims themselves as a Hong Kong-based company. We do NOT serve any customer in Hong Kong, in respect of the local laws and regulations. The OKEx account Amber AI claimed managing is an individual account, which is not a Hong Kong resident or entity on the report of the KYC information.”

The exchange argues that Amber AI faced losses because of their lousy management plan, and that is not the exchange’s fault. OKEx profusely states, “We reaffirm that we will NEVER trade against our customers and manipulate the market.”

Moreover, OKEx would consider legal action against Amber AI for “interfering” in its operations. The exchange also went to say that majority customer base of the exchange is backing the move of early delivery of BCH futures contracts.

Tags

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

Related Articles

Back to top button
Close