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Yesterday, something unprecedented and emotionally complex happened in the crypto industry. In the past, when a CEX faced negative news, users at least had one fundamental right—they could freely transfer their assets to other platforms. But this time, many users suddenly found: It's not that they can't leave HTX, but that there is "nowhere to go." Because HTX was caught up in a UK-related sanction dispute, some third-party risk control and security systems broadly and indiscriminately flagged all addresses with financial transactions involving HTX as risky. Many users were simply conducting normal deposits, withdrawals, and trades, yet they were restricted in fund movements, trading was limited, and in extreme cases, just depositing to HTX caused their assets on the original platform to be frozen. Such large-scale, indiscriminate involvement of ordinary users in risk control is extremely rare in the entire industry’s history. What’s most distressing is: Currently, the HTX platform itself is operating normally. Trading is normal, deposits and withdrawals are normal, OTC is normal, and we have even been working hard to maintain stable OTC prices to ensure users can withdraw smoothly. But the "abnormal" party has become the users. This is a very absurd phenomenon and one that deserves the entire industry’s attention. Because the real impact of this issue is not just on HTX. It affects the most precious thing in the entire crypto industry: User trust. These users don’t belong only to HTX. They also trade on Binance, OKX, Bybit, Coinbase, and many other platforms. They belong to the entire industry. If a platform encounters problems, the normal logic should be to take measures against the platform itself, not to make ordinary users bear the spillover costs, and certainly not to have users unknowingly "collaterally damaged" by the entire industry. Currently, HTX’s deposit and withdrawal functions remain normal. Although users cannot smoothly transfer funds into some exchanges, they can still withdraw coins on-chain. But to be honest: If in the end, all users can only choose to withdraw funds on-chain or exit through OTC, that will not be HTX’s failure, but the failure of the entire CEX industry’s trust system. Because this means: Users begin to believe that any centralized exchange could one day lose "interoperability." For the crypto industry, already in a winter and severely lacking confidence, this is undoubtedly a heavy blow. To say something I don’t want to say: The crypto world can do without HTX, but it absolutely cannot lose users’ trust in the entire industry. Here, we also solemnly declare: HTX has always actively embraced compliance and is willing to cooperate with all relevant parties for review and communication to resolve misunderstandings as soon as possible. We understand that every exchange must comply with regulatory requirements. But at the same time, we hope the industry can jointly protect users, rather than let ordinary users become the cost of system misjudgments. Therefore, we sincerely call on all industry partners: 1. We hope all exchanges can collectively report the current issues faced by users to third-party security and risk control platforms, including: Being misflagged Restricted fund flows Impacted normal trading Frozen accounts, etc. And through data-driven feedback, urge relevant institutions to fix the problems promptly, while further improving the industry’s risk control mechanisms to prevent similar incidents from happening again. ⸻ 2. We hope all exchanges can quickly optimize the risk control logic for HTX users. For users coming from HTX who behave normally and have clear fund sources, we hope to establish more precise and reasonable review mechanisms to ensure the safety and normal flow of ordinary users’ funds. HTX will fully cooperate throughout this process. ⸻ Finally, we want to say to all users who still trust HTX and whose assets remain on HTX: Thank you. Rest assured, HTX will not run away. We will not evade responsibility, nor will we disappear. We will stand here, until all issues are truly resolved.

#NYSE Parent Company Authorizes OKX to Launch Crude Oil Contracts This time, OKX's collaboration with ICE to launch crude oil perpetual contracts has sparked my desire to share. Actually, it's nothing new for crypto exchanges to list macro assets, US stocks, and other products. Last year, when gold was hot, many platforms rushed to launch gold perpetual contracts; later, when tensions rose in the Strait of Hormuz and crude oil became volatile, everyone started rushing to crude oil. Crypto exchanges have a strong product inertia: everything can be perpetual. As long as there is volatility, topics, and trading demand, it can eventually be packaged into a USDT-margined contract. So, simply launching crude oil perpetual contracts is not surprising. I have been pondering a question: When traditional markets are closed, who sets the prices for these macro assets that trade 24/7? When BTC rises or falls over the weekend, that's the real price from BTC's native market. But when WTI crude oil moves over the weekend, the underlying traditional futures market is closed. At this time, the prices in crypto exchanges essentially act as a "weekend expectation market." Market makers will quote prices, but they reference Friday's closing price, breaking news, geopolitical events, OTC quotes, market sentiment, and their own risk exposure. The problem is, since the underlying official futures market doesn't trade continuously, there is no complete external anchor for real-time hedging. So, these products appear to trade 24/7 but actually have a "semi-floating" defect during certain periods. Being tradable doesn't mean the price anchor is fully continuous. Having an order book doesn't mean the underlying hedging market always exists. Volatility often reflects expectation differences caused by weekend news. I've always looked forward to trading gold and crude oil on crypto exchanges, but you can't use the same logic as trading MEME or BTC short-term. Macro assets like crude oil are not just simple candlesticks; they involve war, shipping, inflation, the dollar, OPEC, inventories, and global energy competition. Just looking at support and resistance can easily be shattered by macro news. So, what's special about ICE authorizing OKX this time? Binance, Bitget, Hyperliquid can also list crude oil, so why is OKX's ICE authorization worth noting? My understanding is, it's not about whether it can be listed. Technically, exchanges can create a crude oil perpetual contract easily. Connect a price source, create an index, design funding rates, leverage, and risk control mechanisms, and it can be launched. But the real challenge is how to solve the market's platform selection problem: Is the price source authoritative enough? Can the index be recognized by institutions? How to explain abnormal market conditions? Do market makers dare to provide depth? Do whales and institutions dare to truly participate? This is where ICE matters. It is not an ordinary price provider but one of the world's core commodity trading and data infrastructure entities. Brent and WTI are the most important benchmark prices in the global crude oil market. So what OKX obtained this time is not just a "crude oil contract product," but the integration of ICE's traditional financial core price benchmarks into the crypto perpetual system. Other platforms can also list crude oil perpetual contracts, but it's more like: "I give you a crude oil price exposure." OKX this time is more like: "I package the most authoritative traditional financial energy price benchmarks into perpetual contracts that crypto traders can participate in." The difference is not technical but in credit, compliance, and institutional recognition. This aligns well with Xu Mingxing and OKX's style over the years. OKX doesn't just compete on "speed" to grab products but leans more towards credit, compliance, institutionalization, and infrastructure. ICE's authorization may not be strongly perceived by ordinary retail traders. But for whales, institutions, partners, and market makers, the appeal is completely different. Retail traders care about whether they can trade, volatility, and fees. Institutions care about whether the price source is compliant, the benchmark authoritative, risks explainable, and partners reliable. Therefore, ICE's authorization truly enhances not the retail order experience but OKX's credit level as a global trading infrastructure. This is the real value of this event. However, I find the weekend trading scenario even more imaginative. The biggest problem with traditional markets like CME, ICE, and NYSE is market closure. In the past, when sudden macro events occurred, traditional traders had to wait until Monday's open. They knew the news had changed, they knew the risk prices had changed, but they just couldn't trade. Crypto exchanges are different; their biggest feature is 24/7 continuous trading. If in the future crude oil, gold, US stock indices, dollar indices, US bond yields, and even more macro assets become perpetual, then the true macro risk prices over the weekend may first be reflected in crypto exchanges. This is the most interesting change. Investors outside the crypto circle who care about gold, crude oil, US stocks, the dollar, inflation, and war risks will find reason to enter when they see that traditional markets can't move on weekends but crypto exchanges can trade these macro assets. This is the real entry value of macro asset perpetual contracts. It gives macro traders outside the crypto world one more reason to enter crypto exchanges. So my summary of this matter is: OKX launching crude oil perpetual contracts itself is not surprising. What really matters is that ICE's authorization elevates OKX's credit, integrating traditional financial authoritative price benchmarks with crypto market's 24-hour trading mechanism. As gold, crude oil, US stock indices, US bonds, and forex gradually improve, crypto exchanges will no longer be just crypto exchanges. They will become a 24-hour market for global risk assets. This is just the beginning. $BZ $CL @Star_OKX @OKX中文 @OKX星球