The Criticism Scuffle Between Crypto-Exchange CEO(s)

The Criticism Scuffle Between Crypto-Exchange CEO(s)

Since the launch of the first ever cryptocurrency, Bitcoin (BTC) there have been an overwhelming number of cryptocurrency exchanges that have come into play, offering different types of services and benefits to the users. Just like the cryptocurrencies, crypto-exchanges have constantly been in a state of competition among each other and leave no opportunity of humiliating their competition or criticize each other’s decision making.

Although, this game of ping pong has been going on since 2009, but this fight has become more aggressive in the current year because of the on-going COVID-19 situation that almost jammed the world economy’s wheel and rendered millions of people jobless and it was blockchain industry that provided them guidance and a platform to make a living and keep food on the table.

Among this competition, have been the top cryptocurrency exchanges such as OKEx and Binance, who have earned a very decent amount of respect and recognition among the cryptocurrency and blockchain community.

In the recent scuffle between the two crypto-exchanges, Jay Hao (CEO of OKEx) criticized the CEO of Binance, Changepeng Zhao, stating that it was a completely immature and irresponsible act from Binance’s end for whitelisting some of the recent decentralized financing projects. He also pointed out that Binance Smart Chain (BSC) is not a decentralized entity but centralized as it is only managed by a single team.

In his tweets he criticized Binance for making hasty decisions without doing any proper auditing and security checking of the new blockchains or cryptocurrencies. In the first instance, he pointed out BakerySwap that was developed on the BSC blockchain and went down within 12 hours of its launch, which also resulted in mass protests in the entire China against the blockchain as well as Binance.

The second blockchain Jay Hao called out Binance for was one of the hottest scams of the year 2020, when the creator of the cryptocurrency SUSHI, Chef Nomi made a sudden exit, cashing out with $27 million and causing discontent throughout the crypto-community that not only affected by SUSHI users but also dropped the overvalue of major currencies such as Ethereum and Bitcoin.

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