CoinDesk Exclusive Interview with OKX President Hong: Global Expansion Plans
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CoinDesk Exclusive Interview with OKX President Hong: Global Expansion Plans
Hong discussed OKX's pioneering role in Dubai and global retail and institutional markets, and shared observations on the thriving cryptocurrency community in Asia.
Navigating Web3 tides with focused insights
As the global cryptocurrency ecosystem accelerates its evolution, OKX is advancing its global expansion at an unprecedented pace. Recently, Hong, President of OKX, sat down for an exclusive interview with CoinDesk at the "Consensus Hong Kong 2025" conference, discussing OKX's pioneering role in Dubai and across global retail and institutional markets, sharing insights on the vibrant growth of Asia’s crypto community, and outlining OKX’s future global expansion plans—demonstrating strong conviction in the industry’s long-term development.
According to Hong: "In Dubai, we are the first—and possibly the only—exchange capable of offering derivative trading services to both retail and institutional users. Similarly, in Australia, we have achieved regulatory compliance and are actively serving users. This reflects our ongoing mission—to deliver more comprehensive, compliant, and reliable products to a broader base of institutional clients—and we’re confident in this direction."
Below is the full transcript of the interview:
CoinDesk: Our guest today is Hong, President of OKX. Hello! Andy and I were just talking about New York earlier—we three actually met up in Dubai before. Now let’s shift focus to Hong Kong. What does OKX’s presence at Consensus mean to you personally today?
Hong: We’ve always placed great importance on the Asian market, which holds a key strategic position for us and features a unique community ecosystem. We’ve built a strong team here in Hong Kong and are committed to advancing the local crypto ecosystem. It’s truly exciting to engage with industry partners here and feel the energy of the event.
CoinDesk: Retail enthusiasm for crypto remains high. The crypto market has evolved from a niche interest into a multi-trillion-dollar financial system. Just in November and December last year, trading volume exceeded $10 trillion—an astonishing figure. The market clearly favors trading, which undoubtedly benefits exchanges like OKX. Over the past 12 to 18 months, how have the behaviors of your core user base—retail traders—evolved?
Hong: Globally, crypto users in different regions exhibit distinct behavioral patterns. Trading activity in Asia is indeed relatively more active. At the same time, many Asian retail users are also seeking long-term investment opportunities. For example, Bitcoin, Ethereum, and other Layer 1 assets are popular choices for long-term holding. Additionally, there's sustained healthy interest in yield-generating products, whether on-chain yields or other forms of yield-bearing instruments. While this demand may not be as visible as trading activity, it’s consistently present.
CoinDesk: That’s encouraging to hear. After all, people who were passionate about trading in their twenties will naturally adopt longer-term strategies when they reach their thirties, perhaps starting families and building careers. Right?
Hong: Exactly. Over the past 12 months, we’ve also observed new trends in product usage. Beyond the compliant offerings on OKX’s centralized exchange, the adoption of Web3 self-custody wallets has surged significantly. Our self-custody wallet is powerful and designed to meet users’ needs in one integrated solution. Notably, this product has gained rapid traction within our community, with very strong adoption momentum.
CoinDesk: So now, are there even more users of self-custody wallets than centralized exchange users?
Hong: In terms of total assets held, yes, that’s correct.
CoinDesk: Was this trend surprising to you?
Hong: Honestly, we didn’t anticipate this 12 months ago. But we’ve continuously invested in product development and infrastructure—whether in CEX or DeFi—with a strong focus on market demand. We also place great emphasis on community building, engaging in local community events in regulated markets, as well as participating actively in various Web3 vertical communities and protocol-level discussions. Most importantly, we listen to user feedback and turn it into actionable improvements. These efforts have ultimately paid off.
CoinDesk: Speaking of “community,” we often associate that term with Web3 gaming projects or active groups on Telegram and Discord. Exchanges, by contrast, don’t usually emphasize community. How do you define “community,” and how is OKX building its community globally?
Hong: Community-building is one of the core values of our exchange. We’re not just offering trading products—we aim to create real value for users. That is our sole reason for existence. Therefore, we prioritize localized operations so users can genuinely experience our service. For example, in our CEX business, we’ve made significant progress in regulatory compliance over the past year—we’ve obtained licenses in Singapore and Australia, and in the European Economic Area (EEA), we’ve secured permissions to operate in 28 countries. This marks a critical step toward localized services: delivering compliant, reliable trading experiences. In the Web3 space, we focus on the needs of crypto-native communities—such as interest in various public chains and digital assets. Our goal is to aggregate liquidity through technology to meet user demands and help them achieve their trading objectives responsibly. That is our mission.
CoinDesk: Indeed, users now spend more time across wallets and exchanges, interacting with more products, which could lead to new liquidity trends and attract institutional traders. On the institutional side, how is OKX expanding its services, especially under constraints such as lending regulations, and how are you attracting hedge funds and professional traders?
Hong: The institutional market remains one of our core businesses. We serve numerous institutional clients worldwide, including across Asia, Europe, and Latin America. OKX’s competitive advantage lies in providing high liquidity and innovative institutional-grade trading products. Over the next 12 to 24 months, we will continue investing resources to expand our compliant offerings based on our existing CEX infrastructure. For instance, we’ve already obtained licenses in Dubai and Australia, and expanded into 28 countries in the EEA. Many institutional traders not only seek offshore trading products but are also actively looking for compliant, regulated crypto offerings. OKX holds a unique edge in this area—for example, in Dubai, we are the first and currently the only exchange offering derivative trading services to both retail and institutional clients; in Australia, we also serve large-volume and institutional users. Our goal is to provide more comprehensive, compliant, and reliable products to reach a broader institutional audience.
CoinDesk: You mentioned derivatives—perpetual contracts seem to be sweeping the market. They’re not only engaging but also efficient and powerful financial tools. Your options products are also gaining attention. How does OKX ensure users use these complex products correctly and avoid unnecessary risks?
Hong: In regulated markets, we strictly enforce compliance procedures to verify qualified trader status. In markets without such regulatory requirements, we partner with others to provide trader education, helping users conduct due diligence and protect their interests. Our goal is to cultivate responsible traders who can benefit sustainably over the long term. OKX does not pursue short-term profits—we don’t bet against our users, nor do we want them to suffer significant losses during market volatility. Therefore, user education will remain a key area of continuous investment for us.
CoinDesk: OKX is accelerating its global expansion—what’s next?
Hong: We’re advancing into multiple markets, including the U.S., where we aim to complete a rebranding this year and officially enter the market as “OKX.” The European market presents a long-term challenge—we’ve obtained our EEA license, but each country has unique regulatory requirements, necessitating further localization. Additionally, we’re launching localized products for markets like Singapore, Australia, and Dubai, including fiat on-ramps and trading bots, offering richer trading tools through compliant channels.
CoinDesk: Finally, what are you most looking forward to at Consensus today? Will you go horse racing?
Hong: Let’s see if I can make it through the whole day, haha. I’m really looking forward to it.
CoinDesk: Thank you so much for joining us today.
Disclaimer
This content is for informational purposes only and should not be considered or construed as (i) investment advice or recommendation, (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. We do not guarantee the accuracy, completeness, or usefulness of any information provided. Digital assets (including stablecoins and NFTs) are subject to market volatility, involve high risk, and may depreciate or even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation and risk tolerance. Please consult your legal/tax/investment professionals regarding your specific circumstances. Not all products are available in all regions. For more details, please refer to the OKX Terms of Service and Risk Disclosure & Disclaimer. The OKX Web3 mobile wallet and its derivative services are governed by separate terms of service. You are solely responsible for understanding and complying with applicable local laws and regulations.
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