Malta-headquartered cryptocurrency exchange, OKEx, has announced that it would be launching crypto options trading later this month.
Announcing the move in a press release today, the exchange noted that its options would feature an upgrade of its original platform and adding an anti-price manipulation system, thus making trades on the platform to be faster, more stable, robust, and free from close price manipulation.
Besides, the move would see the exchange offer “C2C, spot, futures, perpetual swap, and options trading under the same roof,” which would enable users to select from a wide range of products that best suits their crypto trading needs.
According to the press release, OKEx promised to launch its options trading on December 27, while simulated trading has been scheduled to commence on December 12.
Commenting on the development, Jay Hao, CEO of OKEx, stated that the launch is coming as a result of institutional demand of crypto derivative products across its client segments while adding:
We aim to provide the broadest range of trading and risk management tools to all our clients from institutional to retail market participants.
Notably, the exchange intends to go a step further than its competitors by offering both buy and sell (write) options for an underlying asset depending on the type of contracts the users hold.
As per the announcement, users who want to gain access to the OKEx option trading platform would be required to complete the popular Know-Your-Customer (KYC) verification procedure and a suitability test, to prove to the exchange that they have a substantial amount of knowledge about the product they want to venture.
OKEx plan to launch an options trading comes ahead of Chicago Mercantile Exchange (CME) Group’s intention to launch an options product for its Bitcoin (BTC) futures. As reported at the time, the leading derivatives exchange operator announced that it would be launching its Bitcoin options on January 13, 2020.