OKX Halts Decentralized Perpetuals DEX Launch Following Regulatory Pressure

In a significant development for the cryptocurrency exchange landscape, OKX has suspended the launch of its Hyperliquid-style decentralized perpetuals trading platform due to increasing regulatory concerns. The exchange had been quietly developing a DEX that mirrored features of established platforms like Hyperliquid and ASTER, but ultimately decided to halt the mainnet rollout after careful consideration of the evolving regulatory environment. Founder Star Xu specifically cited the CFTC's 2023 enforcement actions against Deridex as the pivotal factor in this decision—a case that also implicated other DeFi protocols including Opyn and ZeroEx for offering unregistered leveraged crypto products. This move highlights the growing tension between innovation in decentralized finance and regulatory compliance requirements, particularly in the perpetuals trading space where leveraged products face increased scrutiny from financial authorities worldwide. The OKX Web3 arm had been actively testing the perpetuals-focused decentralized exchange since last year, indicating the exchange's significant investment in decentralized trading infrastructure before the regulatory concerns prompted a strategic reassessment. This development underscores the challenges facing major exchanges as they navigate the complex intersection of traditional financial regulations and emerging decentralized technologies, potentially signaling a more cautious approach to DeFi expansion among established centralized exchanges amid the current regulatory climate.

OKX Shelves Hyperliquid-Style DEX Launch Amid Regulatory Concerns

OKX quietly developed a decentralized perpetuals trading platform mirroring Hyperliquid and ASTER, but halted its mainnet rollout due to mounting regulatory pressures. Founder Star Xu pointed to the CFTC's 2023 crackdown on Deridex as the decisive factor—a case that also ensnared Opyn and ZeroEx for offering unregistered leveraged crypto products.

The exchange's Web3 arm had been testing the perpetuals-focused DEX since last year. "We celebrate onchain perps' growth," Xu noted, "but the Deridex enforcement remains a cautionary tale." This hesitation comes as US regulators reshape the landscape for digital asset derivatives.

Market observers note the timing coincides with surging interest in onchain perpetuals, even as compliance hurdles multiply. The shelved launch underscores how regulatory uncertainty continues to throttle innovation in decentralized finance infrastructure.

Bitcoin Price Dips Below $113K as Liquidations Surge

Bitcoin's price slipped below $113,000 during European trading hours, failing to hold the $116,000 support level from the previous week. The correction triggered a cascade of liquidations, wiping out $1.7 billion in crypto positions—95% of which were long contracts. OKX saw the largest single liquidation: a $12.74 million BTC-USDT-SWAP position.

Japanese investment firm Metaplanet capitalized on the dip, adding 5,419 BTC to its treasury. Its holdings now total 25,555 BTC—a bold countermove against prevailing market fear. The Crypto Fear & Greed Index dropped to 45, reflecting trader caution after the sell-off.