Back in November, OceanEx launched their crypto exchange. They have been developing with a steady pace ever since. While the exchange is still at an early stage, many crypto traders are already finding their way to the platform. There is still room for improvements, but it doesn’t seem to bother people at lot. The volume and number of users are increasing day by day.

What is so special about this new exchange, why does it attract people? Lets have a look at why OceanEx is different compared to other exchanges. I will divide my full review into two different articles, starting with OceanEx security and compliance policy.

* OceanBrain- AI for Exchange security

A significant concern of crypto exchanges is the platform security. OceanEx top priority. Without having a real safe environment to trade, an exchange won’t have the fundamentals to grow strong. This is the first reason why I believe, the exchange already differentiates from many others.

To tackle this challenge, OceanEx is empowered by OceanBrain: It is an artificial intelligence system that uses advanced deep learning algorithms to learn from a significant amount of market data stream, and adaptively discover abnormal patterns in the market. With OceanBrain all of the platform information such as trading transactions, user activities (e.g., login, withdraw and deposit), API activities, market movements, and infrastructure status all comprise a broad spectrum of statistical measurements. OceanBrain uses a proprietary convolutional neural network to learn from the time series of these measurements, discover sophisticated temporal patterns over these time series, and use the learned patterns to differentiate normal system and abnormal system (i.e. detect possible hacks). When the trends indicate that the cause of abnormal detection is attributed to a set of user accounts these will be suspended immediately.

OceanBrain is different from many other AI systems nowadays:

Whereas most state-of-art AI systems are purely data driven, OceanBrain operates at a “hybrid mode” that makes desicions by combining human knowledge and evidence from data

It accumulates learning capability over time through a lifelong learning technique. The longer it runs, the better it gets. AI serves as a powerful tool providing an extra security layer in addition to all existing human designed security measures protecting exchanges. By continuously experiencing the market and analyzing the large volume of user activities, OceanBrain learns complicated security patterns that are impossible for experts to summarize and anticipate. Every day we wake up, OceanEx becomes stronger and more robust against malicious activities.

* Another security layer because of their partnership with CertiK

CertiK is a leading blockchain and smart contract verification platform. They utilize mathematical theorems to objectively prove that source code is hacker-resistant to some of the most critical vulnerabilities. With the mission of raising the standards of cybersecurity, CertiK is backed by prominent investors, including Binance Labs.

Founder and CEO of OceanEx NAN XiaoNing said:

“OceanEx is perfectly aligned with CertiK on the goal of building a transparent, fair and secure blockchain ecosystem. We look forward to working together with CertiK to provide the second layer of security for digital assets in OceanEx, and bring superior service to the blockchain community.”

* OceanEx being fully compliant with regulations

Altough many of us don’t like the fact that things are changing rapidly into something we never wished for, we can not escape the rules of regulations. It is becoming the most important part for an exchange to exist and have a future. The only thing an exchange can do is go with these regulations. Many within the industry have a lack on these so called “rules of compliance”.

It is a very frustrating part of being within the industry nowadays. Not only for users itself but also for OceanEx. They are aware of the restrictions it brings to many users but on the same time they want to build on the future. They are here long term so there is no other possibility than fully go with the regulations. My personal opinion is, at some point, It will become harder to trade on centralized exchanges without them being compliant. It would’t even surprise me,at a certain point,some will need to shut down. On this part OceanEx already has a big advantage compared to others. Many exchanges are in “repair” mode while OceanEx started building, based on compliance from day one. They will be fully ready when the regulations become unavoidable. It’s not a question if it will happen but when? It will become a major standard within the crypto atmosphere.

Enterprises and institutionals

There is one part that many people seem to forget a lot of times. To attract enterprises and institutionals (the big money) to the platform, you must be fully compliant. They dont want anything to do with possible illegal activities or something that is against the law. We are all waiting for these businesses to enter the market. OceanEx will have a big advantage when it comes to onboarding enterprises/institutionals. Everthing they do is always aligned with compliance and regulations.

*Partnership with Koi Compliance

OceanEx recently announced a strategic partnership with Koi compliance. Koi will assist OceanEx in implementing an AML transaction monitoring system. This system will reduce the risk of non-KYC accounts engaging in money laundering. This partnership holds a high value. Aquiring licenses for an exchange to operate within restricted countries (such as USA), a good and solid AML system is a must.

The Koi team consists of certified anti-money laundering specialists, attorneys, and developers with years of experience in assisting blockchain companies meet KYC/AML legal requirements. Koi is the compliance backend of some of the world largest virtual currency OTC desks and exchanges. This partnership also permits OceanEx to raise withdrawal limits for non-kyc accounts. OceanEx is going the full legit way. Every development step is first reviewed based on their compliance policy. Only after making sure they state within the regulations, deployment happens. This is something many other exchanges seem to bother less.

* OceanEx pro-activity with joining CMC DATA Alliance

Coinmarketcap recently announced their DATA alliance with OceanEx being one of the 12 first stakeholders. OceanEx wants to provide a safe, professional, transparent and legit trading environment. the DATA seeks to promote greater transparency, accountability, and disclosure from projects in the crypto space. The fake volume on many exchanges has become a real disturbing fact. With manipulating and misleading the “ real ” users, it is damaging the full credibility and trust in crypto trading.

DATA objectives are is to review,align and enhance reporting standards across the industry. as a second they want to identify gaps, propose strategies and measures to enhance data accountability and transparancy. To join CMC exchanges need to provide mandatory data. Think of live trade and orderbook data. This being said, Joining DATA alliance is perfectly aligned with OceanEx long term vision and commitment. With additional data support, both users and projects will benefit from this initiative.They actively want to facilitate the development of digital asset exchange platform industry and to the more significant extent of the blockchain industry’s long term growth.

Next time I will review OceanEx community engagement, user experience and team experience as well. Meanwhile, you can always check out their official channels, ask your questions and find out more about the exchange.

OceanEx official telegram channel

Oceanex website

Twitter