OKX, a leading global cryptocurrency exchange, has announced the discontinuation of its Single-Crypto Collateralized Lending service effective May 29, 2024. This strategic decision aims to streamline platform offerings and enhance user experience with more sustainable financial products.
Key Timeline and Actions for Users
- Service Termination Date: May 29, 2024, at 4:00 PM (UTC+8)
- Last Repayment Deadline: Users with outstanding loans must repay before this time
- Automatic Closure: All remaining positions will be closed systemically post-deadline
👉 Secure your assets before the deadline
How to Check Your Loans
Mobile App
- Navigate to "Assets"
- Select "Borrow/Lend"
- Choose "Single-Crypto Collateralized" section
Web Platform
- Go to "Asset Management"
- Access "Financial Account"
- Click "Borrow/Lend" > "Single-Crypto Collateralized"
Critical Reminders
- The order placement feature was disabled in September 2023
- Failure to repay may result in forced liquidation of collateral assets
- No new loans can be initiated during this transitional period
Customer Support Channels
For assistance, contact:
- OKX Help Center (24/7 live chat)
- Official Telegram/Discord communities
- Support ticket system via account dashboard
FAQ: OKX Lending Service Discontinuation
Q: Why is OKX discontinuing this service?
A: This is part of ongoing product optimization to focus on higher-demand financial solutions with better risk management.
Q: What happens if I don't repay before the deadline?
A: The system will automatically liquidate your collateral at market price, which may result in partial loss of funds.
Q: Can I transfer my loan to another platform?
A: No, positions cannot be migrated. You must either repay or allow the system to close your position.
Q: Will OKX introduce alternative lending products?
A: The exchange frequently evaluates new financial offerings - monitor official announcements for updates.
Q: How are liquidation prices determined?
A: Follows standard market conditions with potential price impact during forced closures.
Q: Is there any fee for early repayment?
A: No penalties apply for repaying before the deadline.
👉 Explore OKX's upgraded financial services
Disclaimer: This content is for informational purposes only. Cryptocurrency investments carry substantial risk - always conduct independent research before making financial decisions.