Trouble may be brewing inside OKX, one of crypto’s biggest exchanges. This time, the criticism does not come from regulators or rivals but from its community.
The case reflects a unique mix of challenges for crypto exchanges, ranging from competition to regulatory constraints.
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Star Xu Breaks Silence as OKX Faces Loyalty Crisis
A viral thread on X (Twitter) ignited a debate around OKX exchange’s leadership, user engagement, and customer culture, forcing founder Star Xu to respond publicly in a rare fashion. It began when one user wrote a long, emotional critique comparing OKX to Binance.
“OKX’s own products are already unbeatable. But this time, CZ stepped in and directly crushed Xu Mingxing,” read an excerpt in the critique.
The post accused Xu, known for his cautious and technical leadership, of being “too restrained,” letting Binance exchange’s more aggressive approach seize the market.
The user, who claimed to be a VIP OKX client, recounted personal frustrations. They cited:
- Unclear information about OKB holdings
- Opaque communication and customer support that “can’t even explain things clearly.”
Despite the exchange’s polished branding, he described a disconnect between OKX and its community, a gap that marketing alone couldn’t fill.
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“Traffic itself is the product…Thinking ‘if I do well, people will naturally come’ is just laughable — or rather, too old-school,” he emphasized.
Another user chimed in with a sharper cultural critique, describing OKX’s customer service as “arrogantly blowing their own trumpet,” in contrast to Binance’s “valued guest” experience.
“This isn’t just a simple matter of market or traffic issues!!! It’s about corporate culture, a company’s core,” the post read.
The conversation quickly gained traction across Chinese crypto circles, many echoing the same sentiment.
The general sentiment is that while OKX’s products may be strong, its communication and culture are falling behind.
Binance’s ability to blend accessibility, social engagement, and grassroots marketing has left competitors struggling to keep up. This is especially true in regions where user loyalty is driven by personality and presence rather than pure performance metrics.
Then came the surprise. Star Xu himself stepped in; a move almost unheard of in OKX’s usually quiet leadership style.
“Thank you for the correction. The OKX team humbly accepts it. Most of the issues mentioned in the article are areas where we should improve. A small portion of the requests cannot be fulfilled for now due to OKX’s compliance restrictions as a globally licensed institution. We kindly ask everyone for your understanding,” Xu wrote.
It was a moment of humility and a signal that something deeper may be shifting inside OKX. Nevertheless, while Xu’s acknowledgment could lead to change, it may also fade into the noise.
Source: https://beincrypto.com/okx-backlash-binance-star-xu/