OKX Shelved On-Chain Futures Amid 2023 Regulatory Crackdown

- Star Xu revealed OKX’s decision to delay its decentralized perpetuals exchange launch due to regulatory enforcement actions. - Shifts in U.S. policy under the Trump administration could enable OKX to re-enter the decentralized derivatives market. On September 21, 2025, QuikNotes reported a disclosure from OKX founder Star Xu. He revealed that in 2023, the company developed and tested a decentralized perpetuals exchange but refrained from launching it due to concerns over regulatory enforcement. Xu cited the U.S. Commodity Futures Trading Commission’s (CFTC) aggressive stance on decentralized finance (DeFi) platforms offering derivative products as a decisive factor. In 2023, the CFTC pursued enforcement actions against three DeFi platforms—Opyn, Deridex, and ZeroEx—alleging they facilitated illegal digital asset derivatives trading. The charges against Deridex for offering perpetual swaps, in particular, underscored the regulatory risks that ultimately deterred OKX from releasing its fully developed decentralized perpetuals exchange product. Xu contrasted the stringent regulatory pressures of 2023 with the current, more favorable environment under the Trump administration, as recent pro-crypto measures reflect a significant shift in U.S. policy toward digital assets. These measures include executive orders and legislative proposals such as the GENIUS Act and the Digital Asset Market Clarity Act of 2025. Xu emphasized that this growing regulatory clarity could open doors for established exchanges like OKX to launch decentralized derivatives products without fear of enforcement actions. The on-chain perpetuals market continues to show robust demand, a trend exemplified by Hyperliquid’s success in securing substantial market share. As of September 21, the platform's trading volume had surged 71.74% over the past 24 hours, highlighting the viability of decentralized derivatives. In response to this growing market, industry players like OKX are positioning themselves to enter once a clearer regulatory framework emerges. According to CoinMarketCap data on September 21, Hyperliquid's native token (HYPE) traded at $52.011, with its market capitalization reaching approximately $17.37 billion, although its 24-hour spot trading volume showed a change of -4.246%.