OKX US Stock Listing Highlights and Opportunities

Taking $OKB as an example, if OKX wants to list in the US, $OKB is likely to become a chicken rib, or even must be marginalized (so why did it rise today? Maybe because there are no other more relevant targets). In the past two years, why $OKB rarely provided IPO empowerment like $BNB, largely because it would enhance its securities attributes and easily fall into the Howey Test framework.

Regulatory perspective: SEC is extremely sensitive to platform coins. In the eyes of the US securities regulatory agency, most platform coins may be deemed "unregistered securities", and OKB is no exception. For example:

• BNB: In the lawsuit against Binance, SEC explicitly stated that BNB is a security.

• FTT: After FTX's collapse, FTT was also identified by SEC as an illegal security.

• COINBASE: Actively gave up issuing platform coins before listing to avoid potential legal obstacles.

Therefore: If OKX wants to successfully list in the US, OKB's "securities risk" is a huge obstacle. Now I feel it's in a state of neither daring to promote nor able to cut it. My personal speculation is that OKX will likely split its business structure and give OKB's operation rights to a non-US entity, as an equity token/decentralized public chain gas for international markets.

I asked several friends, and some believe that $OKB might even be hollowed out and become an "abandoned legacy", deliberately downplaying its existence even after OKX's successful listing. I agree with another view: $OKB might be retained but try to remove the strong binding relationship with CEX to meet decentralization needs, such as OKx's public chain.

Final conclusion: I won't invest in $OKB at this stage, and shorting should be careful, because this coin is too centralized. Unless the market misunderstands the logical relationship and thinks OKx listing = good for OKB, causing FOMO, I wouldn't dare to.

I checked @Roshan_OKX's article from April this year. They have officially opened registration to US users and will promote nationwide later this year. Their main concept is a "crypto super app" offering deeper liquidity, lower transaction fees, and more advanced trading tools. It's worth mentioning that OKx's wallet will also be synchronized, and compared to current mainstream US CEXs, the wallet is indeed superior.

If successfully listed in the future, looking at stock fundamentals is essentially examining the company's core profitability.

I checked @coinbase's business revenue, mainly from:

1. Transaction Revenue: Largest proportion, around 70% of Coinbase's total revenue (even higher during bull markets)

2. Subscription and Service Revenue - Staking, custody, Earn, USDC interest, etc.: 20-35% (increasing yearly)

OKx's revenue is mainly distributed across these core modules:

1. Transaction fees (covering spot, leverage, derivatives) - primary income;

2. Deposit/withdrawal fees (supporting multiple fiat currencies) - stable fiat channel income;

3. Staking/DeFi commission (Web3 services) - promising future;

But currently, OKx's killer app, OKx wallet, hasn't enabled swap fees. If they can train US market users and then enable a swap commission mode (currently @Rabby_io wallet charges 0.25% per swap), it would be a very objective and stable income. Plus, OKx's previously obtained compliance licenses worldwide can positively enhance its fundamentals through US stock listing by significantly improving its capitalization value and market trust in other regions where licenses have been obtained (amplifier).

Now you can see @star_okx's long-term strategic layout. If the stock is listed and the valuation is not too exaggerated, I'm interested in buying.

I think the answer is: very likely! Almost certainly a "breaking the ice" and "opening the gate" effect. OKX's successful listing will be the first substantial acknowledgment by traditional financial regulatory systems of a large CEX's legitimate business model and risk control capabilities.

This sends a strong signal to the entire industry: "CeFi is not original sin, compliance can lead to listing." Compared to a native US CEX like Coinbase, OKx represents a grassroots CEX from crypto's wild growth, led by Chinese, a more original crypto generation.

US SEC, CFTC, HK SFC, Singapore MAS, and other regulatory agencies will closely watch OKX's listing structure, risk control framework, and information disclosure methods. If OKx succeeds, it will be a route validation, especially for Binance and Bybit, which have massive global presence but haven't achieved public capitalization.

If OKX performs well after listing (like high market value, good liquidity, stable financial data), the secondary market will re-evaluate the CEX track.

Then: Investment banks will proactively approach Binance, Bybit, and even Bitget to arrange listing paths. (Of course, compliance costs will be very high, and I don't think many CEXs would be willing to accept this cost) Some hedge funds and pension funds will also start deploying CeFi equity, promoting a closed loop of primary financing - listing exit - re-fundraising.

1. $OKB may not benefit from OKX's US listing, so investment requires caution

2. If OKX successfully lists, its business fundamentals in the US market are competitive, especially its wallet business. Combined with its overseas license layout, don't underestimate its stock valuation.