The CEO of OKEx, Jay Hao, called out Binance and its CEO Changpeng Zhao for their recent support of certain DeFi projects. He also claimed that Binance Smart Chain, or BSC, is highly centralized, noting that only a single team controls it completely. According to the CEO, BakerySwap, built on BSC, collapsed after only 12 hours, leading to protests in China and elsewhere. Earlier, OKEx CEO had condemned Zhao and his fellow Binance co-founder, Yi He, for their platform’s hasty SUSHI listing.
Hao criticized Binance’s irresponsible behavior that caused DeFi to regress.
Jay Hao followed up on a series of tweets from September 15, in which the OKEx CEO condemned Zhao and his fellow Binance co-founder, Yi He, for their platform’s hasty SUSHI listing. Hao criticized Binance’s “irresponsible behavior which damaged the crypto community’s trust and caused #DeFi to regress. He further tweeted that “those financial losses are a result of blind trust in Binance. Despite Yi He’s claims that projects on BSC must pass all security audits, BAKE still plunged, leading Zhao to delete his BakerySwap endorsement tweet just like he did with SushiSwap previously.”
1/Reminder to be careful when farming on Binance Smart Chain. As I said, it's managed by only one team & is not decentralized. Built on #BSC, #BakerySwap caused huge losses for many retail investors <12h after mining began, which led to protests against BSC in China & elsewhere. https://t.co/BVvXeANN2s
— Jay Hao @OKEx (@JayHao8) September 15, 2020
Binance continues to expand globally.
One of the leading crypto exchanges in the wrold, Binance has been expanding its presence worldwide for the last few years. The crypto exchange has acquired many local businesses around the world to increase its presence. The crypto exchange giant revealed earlier that its UK subsidiary had joined the self-regulating industry association UK and the Australian entity has become a part of the local fintech industry advocacy body Fintech Australia. As an executive member of the self-regulating industry association CryptoUK, Binance joined the peer groups of Coinbase, Coin Shares, CryptoCompare, eToro, and Ripple, all of which are responsible for the association’s Code of Conduct, policy positions, and governance.