OKX currently does not have a specific IPO timeline.
Written by: 1912212.eth, Foresight News
On June 23, according to The Information's crypto journalist Yueqi Yang, OKX plans to go public (IPO) in the United States. Since Coinbase's listing on the US Nasdaq in April 2021, many crypto companies have chosen to go public in recent years, such as Galaxy and Circle. The Kraken exchange is also actively preparing for an IPO in Q1 2026. OKX's potential US IPO has undoubtedly reignited market attention on US listings.
OKX's move could have far-reaching implications for the crypto industry's development in the US market and may encourage more exchanges to follow suit. However, this rumor is accompanied by many questions: What is OKX's licensing situation in the US? Is its slow token listing pace and seemingly passive business model just paving the way for an IPO? What is the significance of a US stock market listing - a pure financial operation or a strategic layout for entering the US market?
US Market Operations Largely Depend on Subsidiary
In recent years, OKX has made significant efforts in compliance, especially after returning to the US market. In April 2025, OKX officially launched its exchange and multi-chain Web3 wallet services in the US, establishing headquarters in San Jose, California, and appointing former Barclays Investment Bank director Roshan Robert as US CEO. This return was accompanied by a series of compliance measures, including strengthening KYC (Know Your Customer) and AML (Anti-Money Laundering) processes to meet US regulatory standards.
Additionally, in February this year, OKX reached a settlement with the US Department of Justice (DOJ), paying over $500 million in fines to resolve previous issues of serving US customers without a license.
Nevertheless, OKX has not publicly announced obtaining licenses from US states or comprehensive federal regulatory approval. Currently, OKX's operations in the US market rely more on its subsidiary, providing services through a limited compliance framework, which may restrict its business scale and user trust.
In The Information's report, OKX's Chief Marketing Officer Haider Rafique said in an interview: "We will definitely consider an IPO in the future. If we were to go public, we would most likely choose the US market." The report also mentioned that OKX currently does not have a specific IPO timeline.
However, compared to its predecessor Coinbase, OKX still has significant gaps in compliance.
As a US-based crypto giant, Coinbase obtained the BitLicense from the New York State Department of Financial Services (NYDFS) as early as 2017 and holds money transmission licenses in multiple states. Its compliance framework has been refined over years, not only supporting its successful IPO (listed on Nasdaq in 2021) but also making it the preferred choice for institutional investors. Moreover, it is the only crypto exchange regulated by the US SEC.
In contrast, OKX started its compliance journey later, and its re-entry into the US market is more of a "make-up class" nature. The $500 million fine after the settlement indicates significant compliance gaps in the past, especially in anti-money laundering and sanctions compliance. Additionally, OKX has not yet established long-term cooperative relationships with US regulatory agencies like the SEC or CFTC, which could be a potential issue during IPO review.
Another key difference is transparency. Coinbase regularly publishes reserve proofs and actively participates in regulatory discussions, while OKX's compliance progress relies more on news reports than public data. This may lead to investors' lack of confidence in its financial stability and legal risks. In the current context of increasingly strict US regulation, OKX needs to further enhance compliance transparency to narrow the gap with Coinbase.
Slow Token Listing Pace and Passive Business Model
OKX's token listing pace has noticeably slowed in recent years. According to its APP data, in 2025, it listed 9 new projects in January, 3 in February, 3 in March, 4 in April, 4 in May, and 4 in June, totaling only 27 spot trading pairs, far fewer than other exchanges. Its exchange business also appears relatively passive. It is worth pondering whether this change is related to its IPO plans.
Traditionally, crypto exchanges attract users and trading volume by quickly listing tokens, but OKX has recently leaned towards streamlining its asset list, even announcing the delisting of 8 tokens from spot trading pairs in June 2025, citing failure to meet listing standards. This cautious attitude may reflect a strategy for IPO preparation: reducing regulatory risk assets to ensure financial statements and operational transparency meet strict SEC requirements. Moreover, OKX's business model seems to prioritize compliance over aggressive expansion, such as its MiCA (Market in Crypto-Assets) certification in Europe and launching regulated exchanges in Germany and Poland. These moves suggest that OKX may be adjusting its strategy, viewing listing as a short-term goal rather than purely pursuing market share.
However, this passive strategy may also weaken its competitiveness. The core attraction of the crypto market lies in innovation and diversity, and overly conservative token listing policies might drive users to more active competitors. If the IPO is purely for financial purposes rather than long-term development, the sustainability of this strategy is questionable. According to Coingecko data, OKX's market share had fallen to fifth place as of April 2025.
Significance of US Stock Listing: Financial or Market Strategy?
OKX's rumored US stock listing has multiple meanings. First, from a financial perspective, the IPO will provide OKX with substantial capital for technological upgrades, marketing, and global expansion. Recently, OKB token prices rose over 5% due to the rumor, briefly touching $56. After a successful listing, OKX can optimize its balance sheet through equity financing and enhance its parent company's valuation, which is crucial for attracting institutional investors. Additionally, the listing will bring legitimacy to its platform token OKB, potentially driving its price further up.
However, viewing the IPO solely as a financial operation may underestimate its strategic intent. OKX's return to the US market and consideration of an IPO is more part of its long-term plan to enter the US market. The US is the world's largest crypto market, with a massive user base and institutional capital. Through listing, OKX can not only enhance brand recognition but also directly compete with rivals like Coinbase and Kraken.
Especially in the context of the Trump administration's push to make the US a "crypto hub", the regulatory environment may gradually become clearer, providing a window of opportunity for OKX. If successfully listed, OKX could become the second crypto exchange after Coinbase to be listed on a US main board, elevating its global leadership position.
Platform Token OKB Becoming Irrelevant?
Since 2023, OKX's platform token OKB has been oscillating around $40, reflecting investors' complex sentiments.
Despite its massive token burn, the market seems unconvinced. On one hand, its new token offering and wealth effect are not significant, and on the other hand, its popularity seems forgotten by the market, lacking speculative funds. The trading team Hawk Capital tweeted that the listing news doesn't have much impact on its platform token, buying a lottery ticket and waiting for next year's bell-ringing to attract speculative funds.
Perhaps the dilution and reduced empowerment of OKB is itself a strategic choice by OKX.
Twitter user OKL from Australia suggested, "If OKX wants to go public in the US, OKB is highly likely to become irrelevant and may even need to be marginalized. The reason OKX has rarely provided new token offering empowerment like BNB in the past two years is largely because it would enhance its securities attributes and easily fall into the SEC's Howey Test framework."
Coinbase, as an exchange, does not have a platform token, and the Base chain it built also does not have a token. If OKX wants to choose to list in the US, OKB does not have many options. "My personal speculation is that OKX's subsequent strategy for OKB is likely to split the business structure and independently transfer the operational rights of OKB to a non-US entity, serving as an equity token / decentralized public chain Gas for the international market," said the big brother from Down Under.
Under the backdrop of a sluggish market, many altcoins and platform tokens are facing huge challenges. From a long-term perspective, OKX may not be the best choice.
