Crypto trade OKX constructed a decentralized perpetuals buying and selling platform much like Hyperliquid and ASTER, however shelved its mainnet launch on account of regulatory issues, in keeping with founder and CEO Star Xu.
Key Takeaways:
- OKX constructed a Hyperliquid-style DEX however delayed its launch on account of regulatory issues.
- Star Xu cited the CFTC’s 2023 crackdown on Deridex and others as a serious cause for holding again.
- As onchain perpetuals achieve momentum, shifting US rules might reshape the area.
In a publish on X over the weekend, Xu revealed that OKX’s Web3 division had been quietly testing a perpetuals-focused DEX since 2023.
“OKX Web3 has been testing an identical product since 2023, however we selected to not launch mainnet on account of regulatory issues,” Xu wrote.
OKX Cites CFTC’s Deridex Crackdown as Motive for Delaying DEX Launch
Xu cited the U.S. Commodity Futures Buying and selling Fee’s 2023 enforcement motion in opposition to Deridex as a key cause for the holdback.
The CFTC had charged Deridex with illegally providing digital asset derivatives and failing to register as a swap execution facility or a futures fee service provider.
The crackdown prolonged to 2 different protocols, Opyn and ZeroEx, for providing leveraged crypto transactions to retail customers with out correct registration.
“Whereas we have fun the expansion of onchain perps, we should always not overlook the CFTC enforcement in opposition to Deridex in 2023,” Xu added.
“Regulatory enforcement has essentially shifted — hopefully the business can quickly achieve much-needed readability.”
Hyperliquid proved that huge success in onchain perps will be achieved with only a few workers. Now, extra opponents like $Aster are entering into the area. OKX Web3 has been testing an identical product since 2023, however we selected to not launch mainnet on account of regulatory issues.…
— Star (@star_okx) September 21, 2025
Xu’s feedback come amid a surge in exercise within the decentralized perpetuals area.
Hyperliquid, which launched in 2024, has shortly turn into one in all DeFi’s high platforms, recording $319 billion in buying and selling quantity in July alone.
In the meantime, ASTER, launched as Aster Chain and backed by CZ-linked YZi Labs, has seen greater than $22 billion in quantity over the previous 30 days, per DefiLlama.
Whereas OKX selected to carry again its personal DEX launch, altering regulatory dynamics within the US may shift the panorama.
CFTC Provides Crypto Leaders to Digital Asset Markets Subcommittee
The CFTC not too long ago expanded its Digital Asset Markets Subcommittee to incorporate crypto business leaders.
Among the many newest appointees to DAMS are Katherine Minarik of Uniswap Labs, Avery Ching of Aptos Labs, James J. Hill of BNY, and Ben Sherwin of Chainlink Labs, key figures in blockchain infrastructure, authorized coverage, and institutional crypto technique.
JPMorgan’s Scott Lucas has been named co-chair of the subcommittee, becoming a member of Franklin Templeton’s Sandy Kaul. They exchange Caroline Butler within the function.
DAMS was established to information the CFTC on developments in blockchain, tokenization, and decentralized finance.
In the meantime, a newly revised draft of the Accountable Monetary Innovation Act of 2025 outlines a clearer regulatory framework for digital belongings within the US, aiming to cut back battle between the SEC and CFTC.
The invoice proposes a Joint Advisory Committee on Digital Property, with each businesses required to publicly reply to its findings, a transfer supposed to spice up transparency and coordination. A public roundtable on the subject is scheduled for September 29.
The draft contains express protections for DeFi builders, validators, pockets builders, and infrastructure contributors, as long as the underlying protocol shouldn’t be centrally managed.
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