OKEx has surpassed Binance as the top crypto exchange, listing a 24-hour trading volume of $2.4 billion on CoinMarketCap[1]. Binance currently has a 24-hour trading volume of $2.2 billion. This now makes OKEx the world’s largest cryptocurrency exchange.
That’s not all that’s going on with OKEx though. OKEx’s CEO, Chris Lee, has now resigned. So, the question becomes, why did Lee resign right as the exchange achieved the top crypto exchange status?
According to Bloomberg, Lee left so that he could “start a new life.” He is reportedly spending time with his family, and he plans to “return to the blockchain community after a short break.”[2]
Resigning for personal reasons is all fair and good, although the move has sparked the curiosity of the crypto community.
Many in the crypto community have responded with skepticism. This skepticism is more so aimed, not at Lee’s departure, but at OKEx’s reported trading volume. Back in 2015, OKEx’s parent operator OkCoin was involved in a contract violation scandal that may have falsified, or inflated, its trading volume, as reported by Cointelegraph[3].
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Members of the crypto community are now wondering if this new position as the “top crypto exchange” is another example of inflated trading volume.
Or, perhaps they are back to their old tricks?#bitcoin https://t.co/UgV1pyvpbc[5][6]
— Alistair Milne (@alistairmilne) May 14, 2018[7]
The OKEx Twitter page has been silent on the matter.
Lee didn’t elaborate on his reason for leaving the cryptocurrency exchange beyond personal reasons, so it’s possible there is a connection between these two events. On the other hand,
