OKEx CEO Criticizes Binance CEO Changpeng Zhao for Listing Dubious DeFi Tokens September 19, 2020 September 19, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsSeptember 19, 2020 by Kelly Cromley

OKEx CEO Criticizes Binance CEO Changpeng Zhao for Listing Dubious DeFi Tokens

Jay Hao, CEO of cryptocurrency exchange OKEx, has criticized Changpeng Zhao, CEO of Binance for supporting some DeFi ventures.

He also blamed Binance Smart Chain (BSC) as highly centralized, highlighting that it is totally controlled by a single group.

As per Hao, BakerySwap, developed on BSC, went down within 12 hours, sparking outcry in China and other places.

The statement made today is a follow up of the series of tweets made on September 15, when OKEx CEO censured Zhao and his associate Yi He, co-founder of Binance, for hurried listing of SUSHI on their platform.

Hao condemned the CEO’s “irresponsible behavior which damaged the crypto community’s trust and caused #DeFi to regress.”

He tweeted:

Interestingly, OKEx listed SUSHI soon after Binance made it available for trading on Septmber 1.

Cryptocurrency exchanges are facing tough time with the success of decentralized exchanges (DEX) such as Uniswap. In case cryptocurrency exchanges act in a conservative manner by avoiding listing of DeFi tokens, there is a good chance of losing clients to DEX.

On the contrary, listing without scrutinizing a DeFi project adequately would pave way for dubious ventures to get listed on the platform, causing a serious dent to the platform’s reputation and crypto sector in general.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.