OKEx CEO Jay Hao Slams CZ For Promoting Sketchy DeFi Projects

OKEx CEO Jay Hao disparaged Binance for the strategies that Changpeng Zhao imposes when promoting Defi projects, referring to them as “irresponsible.” Following his comments, we are reading more in today’s Binance news.

OKEx CEO Jay Hao called out the Binance CEO Changpeng Zhao for his recent support of the certain DeFi projects claiming that the Binance Smart Chain or BSC is centralized and that it is wholly controlled by one team. According to Hao, BkaerSwap which is built on BSC, crashed after only 12 hours which led the protests in China:

Today’s Twitter thread follows up on a series of tweets in which the OKEx CEO condemned Zhao and his fellow Binance co-founder named Yi He, for the sketchy listing of the SUSHI token. Hao criticized Binance’s irresponsible behavior which damaged the crypto community’s trust and caused “Defi to regress” by adding:

 “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.”

It should be noted that the OKEx exchange also listed SUSHI on the same day when Binance did. The success of decentralized exchanges such as Uniswap, placed a lot of centralized exchanges in a tough spot. They have to choose to either act conservatively by not listing Defi tokens that are trading and eventually lose users to decentralized exchanges or jump on the bandwagon instantly and risk listing sketchy tokens that will go on to cause devastation to the crypto ecosystem.
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The popular cryptocurrency exchange OKEx doubled down on the DeFi-related endeavors by listing new assets from the field. The company CEO Jay Hao promised that his exchange will continue to look out on the Defi field and will act accordingly to the growing trend. The Malta-based derivatives crypto exchange announced the addition of eight promising Defi tokens as OKEx listing mode is still on. This way the exchange will reinforce the commitment to expand the Defi economy by adding assets like JUST, BAND, REN, RSR, YFI, YFII, and TRB. OKEx explained the addition of these tokens because they cover a range of multiple DeFi innovations from oracles and insurance to stablecoins and liquidity providers.