OKEx may have trailed Binance as the biggest exchange in the world by trade volume, but there was no stopping it from being declared best in the world in Malta. The exchange was named the crypto exchange of the year during the inaugural Malta Blockchain Awards. OKEx was fighting for the crown with the world’s largest crypto exchange by trade volume, Binance as well as BitBay, both of which have moved their operations to the island blockchain haven. The awards were held during the ongoing two-day Malta Blockchain Summit which has attracted over 5,000 participants.

The King Of Crypto Exchanges

The Malta Blockchain Awards recognize outstanding crypto firms and individuals who are making a name for themselves in the nascent industry. To be considered, the firm must have a strong connection to Malta. The three firms nominated for the award certainly do having moved their headquarters to the island nation this year. Binance and OKEx were originally based in China, but ultimately relocated their operations as the government cracked down on cryptocurrency. After initially testing the water in Japan and Singapore, they both settled on Malta thanks to its enabling environment. BitBay originated Poland, but after running into issues with the regulators and being denied service by the banks it moved to Malta.

Upon receiving the award, the head of operations at OKEx, Andy Cheung, stated that the awards were especially gratifying as they reflected the confidence that industry leaders have in the exchange. Cheung also reiterated OKEx’s commitment to leading the way through innovation.

He stated:

Receiving this honour is truly a testament to our unrelenting effort in making changes in the crypto and blockchain industry. We never stop innovating to create the best user experience, to build a robust ecosystem, to improve the crypto industry, and above all, to revolutionize our world with blockchain technology. As a leader, continuing to improve the ecosystem is not only our promise, it is also our responsibility.

OKEx is the second-largest crypto exchange in the world, behind only Binance. Founded by Star Xu in 2017, the exchange has grown aggressively and currently offers over 400 trading pairs to users spread in over 100 countries. In the 24 hours to press time, the exchange had facilitated $480 million worth of trades.

The first edition of the Malta Blockchain Awards was held during the ongoing Malta Blockchain Summit, with the country’s president Marie-Louise Coleiro Preca serving as the guest of honor. The winners were decided by 32 judges pooled from diverse sectors of the crypto industry from exchanges to venture capital firms and blockchain startup firms. They included István Deák, an executive at enterprise-grade blockchain NEM; Ivan Petukhovsky, the co-founder of crypto exchange EXMO; and Anton Popov, the product owner at tokenization platform Bankex.

The two-day Malta Blockchain Summit, which kicked off yesterday, has attracted over 5,000 crypto enthusiasts. Among the speakers at the event include the eccentric John McAfee, Bitcoin Foundation founder Jon Matonis and Marco Streng, the CEO and founder of Bitcoin cloud mining giant, Genesis Group.

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