Key Takeaways
Why did the community slam OKX?
Users felt that rival exchanges are expanding, yet OKX and the OKB token stagnate.
How did OKX react?
Star Xu promised to address some of the issues raised, provided they are within regulatory bounds.
OKX, formerly known as OKEx, has faced community backlash for lacking ‘strategic vision’ and transparency issues around its native token, OKB.
A user claiming VIP status on the platform criticized it for allowing Binance [BNB] to outperform and overshadow its services.
He took a swipe at OKX founder Xu Mingxing, commonly known as Star Xu, for being ‘restrained’, unlike ‘aggressive’ Binance founder CZ.
“I think Xu Mingxing’s biggest mistake might be his restraint. Whether it’s OKB’s strategy, prep, or even the future OKpay, without support, they’ll still be dead in the market!”
The user also raised an alarm on the opaque OKB buyback program. The token blasted over 400% in August after the exchange announced a buyback program.
But details on the initiative are hard to find in the public domain. In contrast, BNB burn rates are readily available.
He warned Xu that his products are unlikely to succeed if he remains complacent, especially as competitors like Binance and emerging rivals continue to capture market share.
