OKEx CEO Lambasts Binance’s Changpeng Zhao for Promoting Questionable DeFi Projects

OKEx CEO Jay Hao called out Binance and its CEO Changpeng Zhao for their recent support of certain DeFi projects. He also claimed that Binance Smart Chain, or BSC, is highly centralized, noting that it is wholly controlled by a single team. According to Hao, BakerySwap, built on BSC, collapsed after only 12 hours, leading to protests in China and elsewhere:

Today’s thread follows up on a series of tweets from September 15, in which the OKEx CEO condemned Zhao and his fellow Binance co-founder, Yi He, for their platform’s hasty SUSHI listing. Hao criticized Binance’s “irresponsible behavior which damaged the crypto community’s trust and caused #DeFi to regress.” He added in another tweet:

It should be noted that OKEx listed SUSHI on the same day as Binance — September 1.

The recent success of decentralized exchanges like Uniswap has placed centralized exchanges between a rock and a hard place. They must choose to either act too conservatively by not listing trending DeFi tokens, and possibly lose users to DEXs — or jump on the bandwagon too soon, and risk listing questionable tokens that go on to cause devastation to the crypto ecosystem.

Representatives from Binance has chosen not to comment for this story.

bitcoin
Bitcoin (BTC) $ 17,160.58 6.50%
ethereum
Ethereum (ETH) $ 519.04 6.87%
ripple
XRP (XRP) $ 0.535403 13.70%
tether
Tether (USDT) $ 1.00 0.77%
bitcoin-cash
Bitcoin Cash (BCH) $ 268.11 12.87%
chainlink
Chainlink (LINK) $ 12.62 8.06%
litecoin
Litecoin (LTC) $ 70.04 12.61%
polkadot
Polkadot (DOT) $ 4.98 3.35%
cardano
Cardano (ADA) $ 0.136301 10.43%
binancecoin
Binance Coin (BNB) $ 28.29 8.06%
S&P 500  ^GSPC 
$3,629.65  $5.76  (-0.16%)
Dow Jones Industrial Average  ^DJI 
$29,872.47  $173.77  (-0.58%)
NASDAQ Composite  ^IXIC 
$12,094.40  $57.62  (0.48%)
Russell 2000  ^RUT 
$1,845.02  $8.51  (-0.46%)
Crude Oil Jan 21  F*CL.NYM 
$45.03  $0.6800  (-1.49%)
   
$0.0000  $0.0000  (0.00%)