Share this article

'Only in Crypto': What the OKEx Mess Says About New and Old Finance

On Friday morning, as the OKEx withdrawal-freeze story twisted and turned, CoinDesk's editors had an off-the-cuff discussion about the fundamental realities and unique challenges of security for even the largest exchanges.

Updated Sep 14, 2021, 10:11 a.m. Published Oct 17, 2020, 2:00 p.m.
People inside a bank vault, Los Angeles, California, 1950s.
People inside a bank vault, Los Angeles, California, 1950s.

When will we ever learn? Not your keys? Not your coins.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

For free, early access to new episodes of this and other CoinDesk podcasts subscribe to CoinDesk Reports with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.

On Friday morning, as the OKEx withdrawal-freeze story twisted and turned, CoinDesk's editors had an off-the-cuff discussion about the fundamental realities and unique challenges of security for even the largest exchanges.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

More For You

'We do not do illegal things': Inside a U.S.-sanctioned stablecoin issuer's race to build a crypto giant

Oleg Ogienko, director for regulatory and overseas affairs at A7A5, at Consensus in Hong Kong (provided)

Oleg Ogienko, the public face of A7A5, pitched the ruble-pegged stablecoin as a fast-growing trade rail built to move money across borders despite sanctions pressure.

What to know:

  • Oleg Ogienko, the public face of ruble-denominated stablecoin issuer A7A5, insists the firm complies fully with Kyrgyz regulations and international anti-money-laundering standards despite extensive U.S. sanctions on its affiliates.
  • A7A5, whose issuing entities and reserve bank are sanctioned by the U.S. Treasury, has grown faster than USDT and USDC and aims to handle more than 20 percent of Russia’s trade settlements, primarily serving businesses in Asia, Africa and South America trading with Russian partners.
  • Ogienko said that he and his team were developing partnerships with blockchain platforms and exchanges during Consensus in Hong Kong, though declined to name specifics.