OKX built a perps DEX but held off due to regulatory concerns

OKX founder and CEO Star Xu cited the CFTC enforcement action against Deridex in September 2023 as a concern, but didn’t specify if it was why OKX paused its launch.

Crypto exchange OKX built a decentralized perpetuals trading platform akin to Hyperliquid and Aster but held off launching it over regulatory concerns, its founder says.

The Web3 arm of OKX developed the unnamed platform in 2023, OKX founder and CEO Star Xu said in an X post on Sunday.

“Hyperliquid proved that massive success in onchain perps can be achieved with very few employees. Now, more competitors like Aster are stepping into the space,” he said.

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