OKEx CEO Calls Binance’s DeFi Policy “Irresponsible”

CONTENT

  • OKEx CEO believes Binance is hurting the development of the DeFi market

  • Previously, Binance’s blockchain-based DeFi token depreciated in just a day

  • Meanwhile, OKEx itself is suspected of a major money laundering trade

#OKExDeFi – Decentralized Finance (DeFi) Explained in 5 Minutes

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OKEx believes that Binance policy is bad for the development of the decentralized finance market

The head of OKEx cryptocurrency exchange Jay Hao criticized Binance for supporting unverified projects from the decentralized finance industry (DeFiDecentralized finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More). Hao wrote about this on his Twitter page..

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In particular, Hao accused the Binance Smart Chain (BSC) blockchain of a high degree of centralization, stressing that the network is fully controlled by one group..

“Built on top of BSC, BakerySwap [BAKE] caused huge losses for many retail investors less than 12 hours after mining started, leading to protests against BSC in China and elsewhere,” Hao said..

What specific losses are in question is still unknown.

At the time of this writing, as the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More BAKE is listed only on some tracker services, but there is no price indication on them either.

Source: coinmarketcap.com

User @Hnexx posted a screenshot according to which the price of 1 BAKE token before the collapse was $ 0.019 in the Binane USD (BUSD) stablecoin.

Source: twitter.com

Hao believes that the price drop is the result of “blind confidence in Binance”:

OKEx CEO slams Binance’s Changpeng Zhao for promoting questionable DeFi

“These financial losses are the result of blind trust in Binance. Despite statements by the exchange co-founder that projects on BSC must pass all security audits, BAKE still crashed, forcing [the head of Binance] Zhao to delete an approving tweet from BakerySwap, just as he had previously done with SushiSwap. “.

OKEx CEO Calls Binance's DeFi Policy'Irresponsible'

“Irresponsible behavior”

OKEx chief condemned Binance’s “irresponsible behavior” that “undermined the trust of the crypto community and led to the regression of DeFi”.

BakerySwap is a clone of another decentralized protocol, Uniswap. Liquidity providers, in exchange for providing liquidity, are rewarded in BAKE tokens required to vote as part of the BakerySwap project management.

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Earlier, the editorial staff of BeInCrypto reported that experts from the analytical company Blockchain Research Lab came to the conclusion that OKEx was among the trading platforms that deliberately inflate trading volumes.

The company relied on metrics such as published trading volume, account balances, wallet counts, and web traffic to determine how much volume was generated by laundering. The allegations of inflated trading volumes came a month after analytical cryptocurrency resource Kaiko named OKEx the leader in the number of transactions made by whales..

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OKEx CEO Calls Binance's DeFi Policy'Irresponsible'
OKEx CEO Calls Binance's DeFi Policy'Irresponsible'
OKEx CEO Calls Binance's DeFi Policy'Irresponsible'

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