According to crypto exchange OKX, 2024 was a year of transformative changes and record growth despite challenges.
In its end-of-year report published on December 31, 2024, the crypto exchange revealed a 991% increase in the users of its wallet service, OKX Wallet, by December 2024, a 20-fold rise in daily trading volumes on its decentralized exchange (DEX), and a 122% year-over-year growth in its mobile app downloads.
CEO Star Xu described the year as “a turning point for the industry,” highlighting the platform’s focus on innovation and global expansion.
OKX introduced over 200 new features in 2024, including a simplified “simple mode” for intuitive trading and expanded cross-chain support for over 100 blockchains. Other features included a real-time DEX Data dashboard for developers and a DEX token search for retail investors and traders.
On the global front, the crypto exchange launched its services in Belgium, offering residents access to spot trading and conversion for over 200 cryptocurrencies, including more than 60 euro-based pairs. Belgian users also enjoyed seamless euro deposits and withdrawals via Bancontact and SEPA transfers, along with easy onboarding through the ‘itsme’ digital ID app. The exchange also secured four major regulatory licenses in Singapore, the UAE, Turkey, Australia, and the European Economic Area.
Despite its achievements, OKX faced challenges regarding platform security and regulatory compliance during the course of the year. In June, a group of web3 enthusiasts raised questions regarding the platform’s ability to safeguard user accounts from unauthorized access after reports of SIM swap attacks and vulnerabilities. These issues led to $837 million in withdrawals within a week. These issues prompted scrutiny of OKX’s centralized model.
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In response, OKX claimed it bolstered its transparency with its Proof of Reserves tool, utilized by over 2 million users, and expanded its compliance team to nearly 500 specialists.
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