OKEx CEO Quits as Exchange Becomes World’s Largest Surpassing Binance

OKEx CEO Quits as Exchange Becomes World’s Largest Surpassing Binance

Cryptocurrency exchange OKEx is losing its CEO. Chris Lee has thrown in the towel right as the exchange became the world’s largest when measured by capital turnover.

According to a spokeswoman, Lee stated it had been the “greatest pleasure and honour” to work at the exchange but was leaving his position to “start a new life”.

Lee’s resignation has coincided with reports that in the previous 24 hours, OKEx’s turnover had broken the $2 billion threshold. This development puts the exchange ahead of Binance, which was trading around the $1.9 billion mark and has been statistically the world’s largest exchange since January of this year.

However, this news has been treated with skepticism by some in the crypto community. China-based OkCoin, which is the parent company of OKEx, has been accused of fake trading practices in the past, distorting the volume of trades made to exaggerated levels.

Crypto entrepreneur and self-styled ‘crypto evangelist’, Alistair Milne hinted that the exchange may be “up to its old tricks”. Lee has not elaborated on the reasons why he resigned and it is unknown if the two events are related.

OKEx, which like its competitor Binance, has a huge presence in Hong Kong has also been making moves in Malta over recent months. Malta is trying to grow itself as a crypto-hub by keeping regulation of the space low in order to attract firms. OKEx which is establishing itself on the island, has plans to launch its own fully decentralized crypto exchange at some point in the future.

Image Source: “Flickr”

Leave a Reply

Your email address will not be published. Required fields are marked *