A letter from OKX Founder and CEO Star Xu
As the CEO of OKX and a builder at heart, I'm proud to reflect on an extraordinary year of growth and progress. Despite industry-wide challenges, 2024 emerged as a pivotal year—marked by focus, innovation, and resilience. We advanced our product ecosystem, made significant headway in launching transparent and regulatory-compliant onshore operations, and strengthened our global leadership team. Most importantly, 2024 marked a turning point for the crypto industry: a true comeback after a prolonged period of uncertainty.
Throughout it all, our mission remained unwavering: "Forward decentralization and make crypto more accessible to the world."
This vision fueled tangible results. In 2024, we saw a 122% year-over-year increase in app downloads, a 20x surge in decentralized exchange (DEX) daily trading volume, and a staggering 991% rise in global OKX Wallet users as of December 5. These aren’t just numbers—they represent a growing global movement toward crypto adoption, with OKX at the forefront.
Below are key milestones that reflect how we’ve evolved to better serve our users.
👉 Discover how OKX is shaping the future of digital finance
Product Innovation for Greater Accessibility
User experience lies at the core of our product philosophy. In 2024, we reimagined how people interact with crypto through meaningful design and functionality upgrades.
We introduced a default simple mode in the OKX app—a clean, intuitive interface tailored for casual investors rather than seasoned traders. This shift allows users to easily track prices, view trends, and execute transactions without navigating complex charts or tools. Previously, the app leaned heavily toward advanced traders; now, it welcomes everyone.
Interoperability was another major focus. We expanded cross-chain support to over 100 blockchain networks, enabling seamless asset transfers across ecosystems through OKX Wallet and our Web3 gateway. This positions OKX as a leader in cross-chain accessibility, breaking down silos between isolated blockchains.
We also modernized the overall app design, refining navigation and performance to enhance daily usability. Across our centralized exchange, wallet services, and decentralized offerings, we launched approximately 200 new features and completed over 800 upgrades—all aimed at improving security, speed, and simplicity.
These efforts have empowered millions of new users to join our platform with confidence.
Expanding Onshore: Building Trust Through Local Presence
Global expansion took a strategic leap forward in 2024 as we launched seven onshore entities in Brazil, Singapore, the UAE, Türkiye, the Netherlands, Belgium, and Australia. These localized operations allow us to serve users with region-specific compliance frameworks, customer support, and fiat onramps.
Establishing local teams in key markets has deepened trust and improved access. By securing four major regulatory licenses and extensions—in Singapore, the UAE, the European Economic Area (EEA), and Australia—we demonstrated our commitment to operating transparently within established financial systems.
This onshore strategy directly correlates with increased user confidence. Assets on Platform (AOP) in regulated markets grew substantially, reflecting stronger adoption among users who value compliance and institutional-grade standards.
Our goal isn’t just global reach—it’s responsible integration into each market we enter.
Strengthening Compliance: Upholding Industry Standards
Trust is earned through action. In 2024, we elevated our compliance infrastructure to match the rigor of traditional financial institutions.
We expanded our global compliance team by over 300 members, bringing the total to nearly 500 specialists dedicated to risk management, anti-money laundering (AML), know-your-customer (KYC) protocols, sanctions screening, and transaction monitoring. This investment ensures we proactively identify and mitigate risks—protecting both users and the integrity of our platform.
Our risk-based compliance model has been instrumental in obtaining licenses in some of the world’s most stringent regulatory environments. It reflects our long-term commitment to building a safe, sustainable crypto ecosystem where innovation thrives within clear legal boundaries.
👉 See how OKX maintains top-tier security and compliance standards
Championing Transparency: Proof-of-Reserves and Self-Verification
In the wake of past industry failures, transparency isn’t optional—it’s essential.
Since 2022, OKX has published a monthly Proof-of-Reserves (PoR) report, allowing users to independently verify that customer funds are fully backed. Today, we released our 26th consecutive PoR report, confirming $30 billion in primary assets backing user holdings—with an over 100% reserve ratio maintained for 22 of our most traded assets.
Even more powerful is our self-verification tool, which enables individual users to cryptographically confirm their balances are included in our reserves. To date, over two million customers have used this feature—proof that transparency builds trust.
When we launched this initiative, our reserves stood at $15 billion. Today, they’ve doubled—a clear signal that users are placing greater confidence in platforms that prioritize openness.
Leadership Growth: Reinforcing Global Expertise
To support our global ambitions, we welcomed several world-class executives in 2024:
- February: Mehmet Çamır joined as Chairman of OKX Türkiye, bringing decades of experience from Turkey’s top public and private financial institutions.
- April: Erald Ghoos became CEO of OKX Europe, tasked with accelerating growth across key European markets.
- September: Gracie Lin was appointed CEO of OKX Singapore, leveraging her leadership background at Grab and the Monetary Authority of Singapore.
- October: Yuri Mushkin joined as Global Chief Risk Officer, drawing on his tenure at Goldman Sachs and McKinsey Investment Office.
These appointments strengthen our ability to scale responsibly while maintaining high operational and ethical standards.
Looking Ahead: The Road to Web3 Mass Adoption
I envision OKX becoming as foundational to the crypto economy as Google is to the web.
While we’ve made significant progress, the journey toward true decentralization is just beginning. The future belongs to Web3—a decentralized internet where every financial institution interacts with customers via customized dApps (decentralized applications). OKX is positioning itself as the preferred gateway to this new era.
We’re investing heavily in Web3 infrastructure, developer tools, and wallet innovation so that builders can create the next generation of decentralized solutions. Already, we’re seeing early signs of this transformation take shape.
2025 isn’t just another year—it’s the next chapter in defining the future of finance.
👉 Join the evolution of decentralized finance today
Frequently Asked Questions (FAQ)
Q: What is Proof-of-Reserves (PoR), and why does it matter?
A: Proof-of-Reserves is a cryptographic audit that verifies an exchange holds enough assets to cover all user balances. It ensures transparency and protects against insolvency—critical for building long-term trust in digital asset platforms.
Q: How does OKX ensure user funds are safe?
A: Through a combination of cold storage, multi-signature wallets, regular third-party audits, and real-time self-verification tools. Our over 100% reserve ratio for major assets further strengthens fund security.
Q: What does “going onshore” mean for OKX users?
A: It means operating under local regulations with licensed entities, offering fiat onramps, localized support, and compliance with regional laws—making crypto access safer and more accessible worldwide.
Q: How is OKX contributing to Web3 development?
A: By expanding cross-chain interoperability, funding developer initiatives, enhancing wallet functionality, and building infrastructure that lowers barriers for dApp creators and users alike.
Q: Is OKX available in regulated markets?
A: Yes. In 2024, OKX launched compliant services in Singapore, UAE, EEA countries, Australia, Brazil, Türkiye, Belgium, and the Netherlands—with more regions under review.
Q: Can individual users verify their funds are backed?
A: Absolutely. Our self-verification tool allows any user to confirm their balance is included in our published reserves—anytime, independently.
Core Keywords: crypto adoption, decentralized finance (DeFi), Proof-of-Reserves (PoR), Web3 infrastructure, cross-chain interoperability, regulatory compliance, digital asset security