"Financial freedom" is often misunderstood. It does not mean the absence of rules, but rather the right to choose while rules exist— and when the system is truly tested, it remains reliable and effective.
This is precisely the direction we have been focused on since 2025.
First, I would like to express my sincere gratitude to our global customers, partners, and regulatory agencies. A safe and healthy crypto ecosystem has never been the result of a single party's efforts. Only when responsibility and collaboration are seen as part of an open system, rather than restrictions that hinder its operation, can an open system truly thrive.
In 2025, OKX achieved growth that is both valuable and continues to raise the industry's core standards in reliability, transparency, security, and accessibility. As we move towards the future, the following areas are crucial for me and my team:
Reliability: The First Prerequisite of "Financial Freedom"
In 2025, the repeated turmoil in the market largely exposed the failures of certain systems and control mechanisms. Severe market fluctuations, large-scale liquidations, and concentrated derivatives expirations posed significant challenges to global trading infrastructure.
In late August: The concentrated derivatives expiration event combined with high market volatility led to service interruptions on several large platforms, with order delays and brief outages.
In October: A rapid market sell-off triggered over $19 billion in liquidations within 24 hours (data referenced from CoinGlass and The Block).
I am proud to announce that during these two market events, OKX operated stably throughout. Trading, deposits, withdrawals, and risk control systems were uninterrupted. On October 11, our system's processing capacity reached a historic high—handling a record 1.72 million transactions per second while maintaining an order delay of only 20 microseconds.
This reliability has been the foundation that OKX has built since its inception. The infrastructure we have constructed continues to prove its leading position in the industry, which is not just a slogan, but a result validated by countless extreme market conditions over the years.
Security, Market Integrity, and User Protection
We continue to increase our investment in system security, anti-fraud measures, and market monitoring. This includes: actively combating large-scale fraud (such as "pig butchering" scams); maintaining long-term cooperation with law enforcement agencies in various regions; and decisively taking down and limiting actions against behaviors that harm user interests.
These efforts have also been recognized by the industry. For example, blockchain investigator ZachXBT and the well-known crypto analysis company Chainalysis have repeatedly mentioned our collaborative achievements. Chainalysis CEO Jonathan Levin specifically mentioned the collaboration experience of OKX, Chainalysis, Tether, and law enforcement in combating fraud during a hearing of the U.S. Senate Banking Committee in August.
An open market can only truly remain open when it actively eliminates "tumors."
Moreover, hacking attacks within the industry still occur. This year, two large platforms were attacked, exposing billions of dollars in user assets to risk. Because of this, my team and I have always adhered to one principle over the years: safety first. We do not rely on third-party technology and always insist on native self-development. This alone greatly reduces the risk of being attacked.
At the same time, we continue to invest in user education. Content like "The Mild Mild West" raises public awareness, helping more people understand that in financial markets, governance, rules, and enforcement are not obstacles to innovation, but the foundation for safeguarding long-term trust.
Asset Transparency: Verifiable Anytime, 100% Reserves
Throughout 2025, we maintained a surplus of 3%–5% in asset management scale, ensuring that user assets are fully supported at all times.
We have never stopped publishing monthly proof of reserves (PoR) reports:
- At the beginning of the year: Major asset scale exceeded $24 billion
- By the end of the year: This figure grew to over $31.5 billion
- Reserve ratio: The reserve ratios for BTC, ETH, USDT, and USDC have always been above 100%
These reports are independently reviewed by third-party security and auditing agencies such as Hacken and are made publicly verifiable through the Merkle Tree proof mechanism.
Our proof of reserves mechanism is regarded by several industry analysis agencies and media as one of the most stable and transparent practices in the industry.
Transparency should not be built on slogans, but should be presented through repeatable and verifiable facts.
Self-Custody: A Right Within Reach
We continue to expand self-custody capabilities, introducing new solutions around wallet products, including Passkey authentication.
This not only significantly reduces reliance on traditional passwords and single points of failure but also allows a broader range of users to safely and conveniently control their assets.
A truly open financial system must allow users to choose their asset custody methods: some prefer regulated platforms, some choose institutional custody, and others insist on complete self-custody.
Only when these choices genuinely exist and are practically available can freedom truly be established.
Institutional Trust and Public Recognition
We have deepened our cooperation with global financial institutions such as Standard Chartered and DBS. Our progress in custody arrangements and fiat integration has received widespread attention from mainstream media such as Bloomberg and CoinDesk.
These collaborations reflect the market's confidence in OKX—whether in governance structure, asset custody isolation, or risk management capabilities.
Without the trust of both users and institutions, an open financial system cannot truly scale. These collaborations build a crucial bridge between the two.
Product-Driven Choices: Simplifying Complexity
In 2025, we launched several products aimed at expanding access and reducing complexity. These include:
- New interface design: Significantly enhancing usability and lowering the entry barrier
- OKX Pay: Focusing on real-world applications and payments rather than pure speculation;
- CeDeFi innovation: Combining on-chain access with centralized risk control, the first product solutions supporting trading on Solana and Base;
- Compliance expansion: Deepening efforts in the U.S. and Europe, and expanding derivatives business in regulated regions such as the UAE and Australia.
In Brazil, the launch of OKX Pay made us the highest downloaded crypto application in December.
Vision Behind Scale
Our collaborations with the McLaren F1 team and Manchester City football club continue to expand OKX's global influence. These partnerships, accompanied by the teams winning two major championships, have brought billions of brand exposures, allowing more people to recognize us.
As we enter new regulated markets, OKX's global trading platform transaction volume grew by 16% in 2025, DEX transaction volume surged by approximately 262%, and the number of daily active wallets increased by over 100% year-on-year.
By the end of the year, our global user count surpassed 120 million. While this milestone has been widely reported, we see it more as a responsibility than an endpoint.
Only "scale" supported by systems, risk control, and long-term vision is meaningful.
What Freedom Looks Like
We do not frequently talk about "freedom" because it is easy to proclaim but difficult to achieve. In practice, freedom is reflected in:
- Systems that remain stable under extreme pressure;
- Assets that can be verified, not just promised;
- Markets that actively eliminate abusive behaviors rather than tolerate them;
- Providing real users with genuinely usable self-custody solutions;
- An open network connected to the global financial system, rather than self-isolated.
Everything we have built in 2025—from system stability, reserve transparency, to wallets, CeDeFi, and regulatory compliance—is aimed at expanding financial access without sacrificing trust.
This is my commitment to every customer and to the team working together to build the future. Let us step into 2026 with strength and a sense of responsibility.
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