- The market has been volatile due to reports that OKX’s founder, Mingxing Xu, is the subject of an American investigation.
- Representatives for Xu and OKX quickly refuted the claims, linking them to possible attempts at market manipulation.
- Given the heightened scrutiny from regulatory bodies, the situation exacerbates OKX’s ongoing regulatory challenges on a global scale.
Growing speculation suggests OKX founder Mingxing Xu, also known as Star Xu, is allegedly the subject of an American investigation.
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Xu quickly denied these claims and voiced his displeasure with the persistent misinformation on social media.
Could the OKX Founder Be Encountering Legal Issues in the US?
When a well-known person named Alvin answered questions concerning Xu’s alleged arrest in the US, rumors about it started to circulate in the Chinese cryptocurrency community. Alvin quickly refuted the rumors, speculating that the announcement might be a ruse to manipulate OKX’s native token, OKB.
“Many people asked me today if it is true that there are rumors that Xu Xingxing was arrested by the Americans. I think it is most likely a rumor. They want to force OKB to be raped,” a translated version of his post reads.
CryptoCaster Quick Check:
Over the previous week, OKB’s price saw extreme volatility, plunging as low as $54 before rising to its current value of $57 at the time of publication.
Gala Wen, the partnership lead for OKX, concurred with Alvin and rejected the allegations as untrue. Wen refuted any suggestion that Xu was involved in legal issues by highlighting his active participation in the company’s US operations.
“It’s so fake. The arrests in the United States are public information and anyone can check it on the government website. The American office is very big, and the boss personally comes to handle business. We work hard every day in high spirits,” Wen said.
Interestingly, Xu has encountered controversy before. He came under fire in China in 2020 when his exchange temporarily stopped accepting cryptocurrency withdrawals, which alarmed the market.
It’s interesting to note that the current rumors surface at a time when OKX is subject to heightened regulatory scrutiny in a number of jurisdictions. Authorities in South Korea opened a criminal investigation into OKX’s domestic operations last month. The exchange of covert activities and the use of domestic influencers in advertising campaigns were accused by the authorities. In addition, OKX stopped doing business in India because of the unfavorable regulatory climate there.
The US regulatory landscape is still unfriendly to the developing sector even as OKX continues to manage these international obstacles. Some companies have left the US market as a result of regulatory bodies like the Securities and Exchange Commission (SEC) pursuing legal action against significant exchanges like Binance, Coinbase, and Kraken.
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