OKX Built Hyperliquid-Style DEX But Delayed Launch Over Regulatory
0DEX
OKX
Regulation
Xu revealed that OKX’s Web3 division had been quietly testing a perpetuals-focused DEX since 2023.
Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
About Author
Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...
Author Profile
Share
Copied
Last updated:
2 minutes ago
Crypto exchange OKX built a decentralized perpetuals trading platform similar to Hyperliquid and ASTER, but shelved its mainnet launch due to regulatory concerns, according to founder and CEO Star Xu.
Key Takeaways:
OKX built a Hyperliquid-style DEX but delayed its launch due to regulatory concerns.
Star Xu cited the CFTC’s 2023 crackdown on Deridex and others as a major reason for holding back.
As onchain perpetuals gain momentum, shifting US regulations may reshape the space.
In a post on X over the weekend, Xu revealed that OKX’s Web3 division had been quietly testing a perpetuals-focused DEX since 2023.
“OKX Web3 has been testing a similar product since 2023, but we chose not to launch mainnet due to regulatory concerns,” Xu wrote.
OKX Cites CFTC’s Deridex Crackdown as Reason for Delaying DEX Launch.
Xu cited the U.S. Commodity Futures Trading Commission’s 2023 enforcement action against Deridex as a key reason for the holdback.
The CFTC had charged Deridex with illegally offering digital asset derivatives and failing to register as a swap execution facility or a futures commission merchant.
The crackdown extended to two other protocols, Opyn and ZeroEx, for offering leveraged crypto transactions to retail users without proper registration.
“While we celebrate the growth of onchain perps, we should not forget the CFTC enforcement against Deridex in 2023,” Xu added.
“Regulatory enforcement has fundamentally shifted — hopefully the industry can soon gain much-needed clarity.”
Xu’s comments come amid a surge in activity in the decentralized perpetuals space.
Hyperliquid, which launched in 2024, has quickly become one of DeFi’s top platforms, recording $319 billion in trading volume in July alone.
Meanwhile, ASTER, launched as Aster Chain and backed by CZ-linked YZi Labs, has seen more than $22 billion in volume over the past 30 days, per DefiLlama.
While OKX chose to hold back its own DEX launch, changing regulatory dynamics in the US could shift the landscape.
CFTC Adds Crypto Leaders to Digital Asset Markets Subcommittee.
The CFTC recently expanded its Digital Asset Markets Subcommittee to include crypto industry leaders.
Among the latest appointees to DAMS are Katherine Minarik of Uniswap Labs, Avery Ching of Aptos Labs, James J. Hill of BNY, and Ben Sherwin of Chainlink Labs, key figures in blockchain infrastructure, legal policy, and institutional crypto strategy.
JPMorgan’s Scott Lucas has been named co-chair of the subcommittee, joining Franklin Templeton’s Sandy Kaul. They replace Caroline Butler in the role.
DAMS was established to guide the CFTC on developments in blockchain, tokenization, and decentralized finance.
Meanwhile, a newly revised draft of the Responsible Financial Innovation Act of 2025 outlines a clearer regulatory framework for digital assets in the US, aiming to reduce conflict between the SEC and CFTC.
The bill proposes a Joint Advisory Committee on Digital Assets, with both agencies required to...
https://cryptonews.com/news/okx-built-hyperliquid-style-dex-but-delayed-launch-over-regulatory-fears/
#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptonewstoday
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple