CoinDesk Interview with OKX President Hong: Global Expansion Plans

Against the backdrop of the accelerated evolution of the global cryptocurrency ecosystem, OKX is advancing its globalization strategy at an unprecedented pace. Recently, OKX President Hong accepted an exclusive interview with CoinDesk at the "Consensus Hong Kong 2025" conference, discussing OKX's pioneering role in the Dubai and global retail and institutional markets, and sharing observations on the thriving Asian cryptocurrency community. At the same time, she elaborated on OKX's future global expansion plans, demonstrating a firm belief in the long-term development of the industry.

According to Hong, "In Dubai, we are the first and possibly the only exchange that can simultaneously provide derivative trading services for both retail and institutional users. Similarly, in Australia, we also have the capability to operate compliantly and provide services to users. This is precisely the direction we are continually striving for—offering more comprehensive, compliant, and reliable products to a broader institutional user base, and we are very confident about this."

Here is the full interview:

CoinDesk: Our guest is OKX President Hong. Hello! Just now, Andy and I were chatting about New York, and the three of us have also gathered in Dubai. So, let's bring the topic to Hong Kong. What does OKX's presence at the Consensus conference mean to you today?

Hong: We have always placed great importance on the Asian market, which is a key area in our strategic layout, possessing a unique community ecosystem. We have built a strong team in Hong Kong and are committed to promoting the development of the local crypto ecosystem. It is truly exciting to be here to engage with industry partners and feel the vibrant atmosphere of the conference.

CoinDesk: Currently, the retail market's enthusiasm for cryptocurrencies remains high. The crypto market has grown from an initial hobby to a massive financial system worth trillions of dollars. The total trading volume in just November and December last year exceeded $10 trillion, which is quite astonishing. Compared to trading, the crypto market tends to favor trading, which undoubtedly benefits exchanges like OKX. So, what changes have you observed in the behavior patterns of your main user group—retail users—in the past 12 to 18 months?

Hong: Globally, crypto users in different regions exhibit different behavior patterns. The trading activity in the Asian market is indeed relatively more active, but at the same time, there are many retail users in Asia who are seeking long-term trading opportunities. For example, Bitcoin, Ethereum, and other Layer 1 assets are choices they prefer to hold for the long term. Additionally, there is a healthy interest in yield products, whether on-chain yields or other forms of yield products. This demand may not be as visible as the trading market, but it always exists.

CoinDesk: It's very encouraging to hear about such trends. After all, those who were enthusiastic traders in their 20s may have settled down by their 30s, and their trading strategies will naturally lean more towards long-term planning, right?

Hong: That is indeed the case. In the past 12 months, we have also observed some new trends in our products. In addition to the compliant products offered by OKX on centralized exchanges, the usage of Web3 self-custody wallets has also seen significant growth. The self-custody wallet we launched is powerful and meets user needs in a one-stop manner. Notably, this product has quickly gained popularity in our community and is experiencing strong adoption.

CoinDesk: So now the number of people using self-custody wallets even exceeds that of users on centralized exchanges, right?

Hong: If we look at the total assets of both, that is indeed the case.

CoinDesk: Does this phenomenon surprise you?

Hong: To be honest, we did not anticipate this situation 12 months ago. However, we have been continuously investing in product development and infrastructure, whether in the CEX or DeFi space, we have adhered to a market demand-oriented approach. At the same time, we place a high value on community building, investing significant effort in local community activities in compliant markets, as well as in various Web3 vertical communities and protocols. Most importantly, we listen to user feedback and turn it into motivation for product optimization. These efforts have ultimately paid off.

CoinDesk: When we talk about "community," we often think of Web3 gaming projects or active groups on Telegram and Discord. In contrast, exchanges seem to emphasize community less. So, how do you define "community"? And how do you build the OKX community globally?

Hong: Community building is one of the core values of our exchange's existence. We do not just provide trading products; more importantly, we create value for users. This is the only reason for our existence. Therefore, we place great importance on localized operations, allowing users to truly feel our services. For example, in terms of CEX business, we have made significant progress in compliance over the past year—licenses have been obtained in Singapore and Australia, and in the European Economic Area (EEA), we have successfully obtained business licenses in 28 countries, which is an important step towards localized services, providing users with a compliant and reliable trading experience. In the Web3 space, we focus on the needs of crypto-native communities, such as interest in different public chains and assets. Our goal is to integrate liquidity through technology to meet user needs and help them achieve their trading goals in a responsible manner. That is our mission.

CoinDesk: Indeed, users can now spend more time in wallets and exchanges, accessing more products, which will also bring new liquidity trends and attract institutional traders. So, how does OKX expand its business in institutional services, especially under the constraints in areas like lending, to attract hedge funds and professional traders?

Hong: The institutional market has always been one of our core businesses, and we serve numerous institutional users globally, including in Asia, Europe, and Latin America. OKX's competitive advantage lies in our ability to provide high liquidity and innovative institutional-grade trading products. In the next 12 to 24 months, we will continue to invest resources to further expand our compliant business based on existing CEX infrastructure. For example, we have obtained relevant licenses in Dubai and Australia, and we are expanding to 28 countries in the European Economic Area. Many institutional traders not only wish to use offshore trading products but are also looking for compliant, regulated crypto products. OKX has a unique competitive edge in this area; for instance, in Dubai, we are the first and currently the only exchange that provides both retail and institutional-grade derivative trading; in Australia, we can also serve large and institutional users. Our goal is to offer more comprehensive, compliant, and reliable products to cover a broader institutional user base.

CoinDesk: You mentioned derivatives, and perpetual contracts seem to be sweeping the entire market. They are not only interesting but also an efficient and powerful financial tool. At the same time, your options products are also gaining attention. How does OKX ensure that users can correctly use these complex products and avoid unnecessary risks?

Hong: For regulated markets, we always ensure strict compliance processes to verify the identity of qualified traders. In markets without regulatory requirements, we collaborate with partners to provide trader education, helping users conduct due diligence and protect their interests. Our goal is to cultivate responsible traders who can benefit from long-term trading. OKX does not pursue short-term profits; we do not bet against our users, nor do we want them to suffer significant losses during market fluctuations. Therefore, user education will be a key area of our ongoing investment.

CoinDesk: OKX is accelerating its global expansion. What are the next steps?

Hong: We are advancing our layout in multiple markets, including the United States, where we hope to complete our rebranding this year and officially enter the market under the name "OKX." The European market presents a long-term challenge; we have obtained the EEA license, but each country has different regulatory requirements that need further localization. Additionally, we are launching localized products for the Singapore, Australia, and Dubai markets, such as fiat recharge and trading bots, to provide a richer set of trading tools in a compliant manner.

CoinDesk: Finally, what activities are you most looking forward to at the Consensus conference today? Will you go to the horse racing?

Hong: Let’s see if I can last the whole day, haha. I am really looking forward to it.

CoinDesk: Thank you very much for your sharing today.

Disclaimer

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