Jay Hao Calls Out CZ Binance For Defi Project Support

Vandana  |  Sep 19, 2020

Jay Hao, CEO of OKEx, has called out the CEO of Binance, Changpeng Zhao for supporting several Defi projects. Not only Zhao, he also targeted the Binance Smart Chain (BSC) platform by the largest crypto exchange, Binance. According to his claims, BSC is a centralized platform because it is entirely controlled by one single firm. Because it is controlled by a single team, it cannot be considered as a decentralized platform as claimed by the firm.

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

Hao Criticized the Irresponsible Behaviour of Binance

According to the tweets by Hao, it is quite clear that he clearly criticized Binance in different aspects. He also mentioned the failure of BakerySwap which was built on BSC as it collapsed just after the 12 hours of listing. Due to this, there have been several protests in China and few other parts of the world. 

Hao also condemned other co-founders of Binance along with Zhao for the listing of SUSHI tokens on their platform. According to him, the irresponsible behaviour of Binance has led to a huge mistrust in the crypto community due to which there has been a downfall in the Defi sector as well.

OKEx Also Listed SUSHI on September 01

The listing of SUSHI tokens for both Binance and OKEx came on the same day when Binance listed it. Not only this, the success of several decentralized exchanges also contributes to this criticism of Binance. The success of exchanges like Uniswap is completely indicating that now it is not the time for centralized exchange. In order to stand strong in the competition, the centralized exchanges should not list the trending Defi tokens. It has been seen neither CZ Binance nor any representative from the firm has replied to the comments that Hao has made.

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