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.”
2/Those financial losses are a result of blind trust in #Binance. Despite @heyibinance‘s claims that projects on BSC must pass all security audits, $BAKE still plunged leading @cz_binance to delete his BakerySwap endorsement tweet ytd just like he did with #SushiSwap previously. pic.twitter.com/7ejkahJa6G
— Jay Hao @OKEx (@JayHao8) September 15, 2020
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.