99EX Exchange Overview and Historical Background
99EX (Jiubi.com) was a cryptocurrency trading platform launched in 2018. The platform positioned itself as a multi-language financial innovation trading platform based on blockchain technology, aiming to solve issues such as lack of trust, low efficiency, single product offerings, and limited liquidity in the OTC derivatives market through distributed consensus algorithms, matching engines, and smart contracts. It was committed to building a transparent, trustworthy, autonomous, and scalable global innovation exchange.
In its early days, 99EX was one of the first "Open Exchanges" of OKEx (now OKX) and was promoted as "an exchange under OKEx, one of the top three exchanges globally," claiming that trading funds were fully managed by OKEx. This cooperation model was known as a "cloud exchange" at the time.
Relationship with OKEx and Risks of the Cloud Exchange Model
The cooperation model between 99EX and OKEx, the "cloud exchange," allowed it to share OKEx's user base, depth, and liquidity. However, this model later sparked widespread controversy and risk warnings within the industry. Industry observers pointed out that cloud exchanges had become a hotbed for "Ponzi schemes" and "pig butchering scams," often accompanied by high risks and lack of transparency.
It is worth noting that in September 2017, China's central bank and six other ministries issued a notice prohibiting token issuance financing and the exchange of legal tender for tokens or "virtual currencies." Subsequently, many trading platforms, including OKEx, chose to establish websites overseas and continue to provide digital currency services to mainland Chinese users as overseas companies. This "export-to-domestic" operating model also raised questions about the compliance and actual operational risks of some platforms.
Historical Data and Current Status Assessment
According to data from August 5, 2021, 99EX exchange's asset strength once reached $14.2 billion, with a 24-hour trading volume of $15.305 million, ranking 67th globally. However, these data are historical information from several years ago and do not represent its current status. In the context of rapid changes in the cryptocurrency market, the platform's operational status, liquidity, and security may have undergone significant changes.
As of the time of writing, public information lacks reliable data on 99EX (Jiubi.com)'s current active operations, and its trading data and active trading pairs are difficult to find on mainstream market platforms. This indicates that the platform may have ceased operations or its liquidity has become extremely depleted. For any cryptocurrency trading platform, investors must conduct thorough due diligence before participating, verifying its latest operational status, compliance qualifications, and market reputation. For relevant developments, please pay attention to Svmuu's continuous reporting to get the latest market dynamics and platform information.
Risk Warning
Given the historical risks of the cloud exchange model and the lack of up-to-date active operational information for 99EX, investors should be highly vigilant about potential risks associated with this platform, including but not limited to:
- Operational Uncertainty: The platform may have ceased operations or face closure risks.
- Insufficient Liquidity: Even if the platform is still active, there may be extremely low trading volumes, making it difficult to buy or sell assets.
- Asset Security: On platforms lacking transparency and regulation, user assets face risks of theft or inability to withdraw.
- Compliance Risk: The platform may not comply with regulatory requirements in relevant jurisdictions.
Users are advised to prioritize mainstream platforms with a good reputation, strict regulation, and sufficient liquidity when choosing any trading platform, and always pay attention to protecting personal asset security.
