OKEx Denies Any Involvement in Manipulating Bitcoin Futures Market
Hong Kong cryptocurrency exchange OKEx denies any involvement in Bitcoin futures manipulation on its site.
Last week, the exchange rolled back futures deals due to “unusual” sell orders placed on Friday, when the futures rate significantly deviated from the price of Bitcoin itself, which caused a wave of liquidations of traders’ positions. Futures rate that day at the minimum reached $ 4 755.
These events led to further criticism of the exchange. Some panellists suggested that OKEx might be directly related to what happened at its site on Friday. On Tuesday, the company issued an official statement in which it said that it was “not directly involved in transactions” and did everything necessary to protect the interests of its clients..
“We, as a trading platform, do not benefit from price volatility, but we earn from commission fees. We have no reason to manipulate any of our markets, we have never done and will not do this, “the exchange wrote, adding that several fake images are circulating on social networks, allegedly indicating its involvement in the incident..
OKEx also explained that it has prepared a new version of the rules, which are designed to protect traders from a similar situation in the future. The new rules came into force on March 30.
“In light of this problem, new limits were immediately set to ensure that the incident does not recur in the future,” writes OKEx.
Earlier, a trader whose large position was liquidated due to the fall in the price of futures came to the OKEx office and threatened to commit suicide.
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