Binance and OKX Bosses Trade Jabs Over User Losses

Binance co-founder Yi He hit back at OKX CEO Star Xu after he criticized the exchange’s account setup. She did so by sharing a trader’s complaint about tokens stuck on OKX.

The spat grew out of a single misdirected transfer. Yet both sides now point to flaws that left users unable to recover or sell their funds.

OKX CEO Slams Binance’s User ID Model

The dispute began when a user on X blamed a “UID collision” for lost funds. A user ID (UID) is the number that identifies each exchange account.

Yi He rejected that claim on November 7, saying every Binance user holds one unique UID. The user had sent funds to Binance Thailand, which runs a separate account system.

Star Xu then weighed in. In his view, user IDs under one brand must either be globally unique, or UID-only transfers between sites must be blocked.

“The reason is simple: a UID identifies an account. If the same UID can exist on different sites under the same brand, while users are also allowed to transfer funds between sites using a UID, it can lead to the wrong receiving account being identified and funds being sent to the wrong place,” said OKX CEO.

The Binance-OKX tension did not start this weekend. On November 4, Xu accused Binance founder Changpeng Zhao (CZ) of deflecting blame after the recent hack.

He also criticized CZ for finding time to spar with Elon Musk during the crisis.

Who Pays When User Funds Go Astray?

Yi He’s reply came the next morning. She shared a trader’s warning against using OKX’s DEX mode for tokens on BNB Chain.

The Binance-OKX clash lands at a sensitive moment. Binance is still recovering from the $6.3 billion hack, and on November 7 it said Chief Financial Officer Kaiser Ng is leaving.