OKEx pips BitMEX to the top spot in futures trading volume

According to the Bloomberg volume rankings which are tagged “cryptocurrency league table” OKEx has just pipped BitMEX to the top spot by USD 200k per day.

OKEx topped the list with a corresponding daily trading volume of USD 2.8 billion.    BitMEX was behind OKEx with a daily trading volume of $2.6 billion and in third place, Huobi DM  recorded  a daily trading volume of $2.3 billion.

OKEx managed to claim top spot despite being embroiled in a volume reporting scandal.    OKEx  was recently accused of wash trading and reporting fake trading volumes. The fake volume  allegation was made by Blockchain Transparency Institute (BTI) in which OKEx, alongside other exchanges, was highly implicated.  OKEx’s Head of Operations Andy Cheung has denied all the allegations and condemned the report on social media

“Cryptocurrencies are global and decentralized, and the industry remains nascent, thus regulations  by jurisdiction are not enough,” said Andy Cheung, Head of Operations for OKEx. “The only way for exchanges to grow and deliver impact is by joining together to develop practices and policies that will set a global standard and adapt to regional regulatory frameworks.”.

What I found great about the Bloomberg report was the amount of volume across the respective exchanges. The FX market is the biggest in the world with around USD 5 billion traded each day but it seems that one day the crypto industry may catch up.