Yi He’s Latest Remarks Fuel Speculation Over Binance-OKX Tensions

Binance co-CEO Yi He has sparked speculation about renewed tensions between Binance and OKX after accusing an unnamed industry figure of spreading rumours, purchasing negative media coverage, and using marketing tactics she described as hypocritical.

In a post on X, Yi initially wrote that “Binance’s only rival is itself” and that a company focused exclusively on competing with Binance would never surpass it.

Her subsequent response to a user asking whom she was criticising was considerably more pointed, fuelling speculation among cryptocurrency commentators that her remarks could be directed at OKX founder and CEO Star Xu.

Yi did not identify the individual in the post, and her allegations have not been independently substantiated.

Yi He Accuses Unnamed Figure of Buying Negative Media Coverage

In her Chinese-language response, Yi accused the unnamed individual of repeatedly spreading rumours, manufacturing controversy, using club-based marketing schemes and presenting a hypocritical public image.

She also alleged that the person had paid for negative media coverage and key opinion leader (KOL) endorsements before projecting their own behaviour onto others.

The remarks included a reference to Yue Buqun, a fictional character from Chinese martial arts literature commonly associated with hypocrisy and a deceptive appearance of righteousness.

The wording suggests that Yi’s criticism extended beyond ordinary competition between cryptocurrency exchanges to questions about marketing practices, media influence, and public credibility within the industry.

However, Yi provided no supporting evidence for the allegations in the posts shown, and she did not explicitly identify the person she was referring to.

The distinction is important because the claims about paid media coverage and rumour-spreading remain allegations rather than facts.

Why OKX CEO Star Xu Has Entered the Conversation

Although Yi did not mention OKX or Xu by name, her remarks have prompted speculation about a possible connection to the exchange’s leadership.

The speculation comes against a backdrop of public disagreements between Binance and OKX executives over the exchanges’ conduct and their respective roles in the cryptocurrency market.

In January 2026, Xu publicly blamed irresponsible marketing campaigns involving yield-bearing products for contributing to the severity of the October 2025 crypto market crash.

Xu argued that the promotion of Ethena’s USDe as a relatively safe asset encouraged leveraged trading strategies that amplified market losses. His criticism specifically focused on how Binance users were encouraged to convert stablecoins into USDe to access attractive yields.

Binance disputed interpretations that attributed the market-wide liquidation event to a single product or exchange, pointing instead to broader market pressures, leverage, and declining liquidity. The competing explanations illustrated the disagreement between industry participants over responsibility for the crash. 

Xu’s earlier criticism provides context for why observers might interpret Yi’s latest comments through the lens of the Binance-OKX rivalry.

It does not, however, establish that Xu was the intended target of her remarks.

Grok’s Interpretation Adds to the Speculation

An analysis by Grok, the AI chatbot integrated with X, identified Xu as a possible target based on the context of Yi’s post and his previous public criticism of Binance.

Grok noted that Yi had not named anyone but suggested that the language and surrounding discussion had led some users to associate the remarks with Xu.

That interpretation has helped explain the speculation surrounding the post, but it is not independent confirmation of Yi’s intended target.

Neither the wording of Yi’s Chinese-language response nor the screenshots available for this report explicitly identify Xu or OKX.

Establishing the target would require further evidence, such as a clarification from Yi, a direct reference to Xu in subsequent posts or additional context connecting the allegations to a specific incident.

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A Wider Contest Over Reputation in Crypto

The exchange highlights how competition among major cryptocurrency platforms extends beyond trading volumes, product launches and market share.

The reputations of exchange executives, their public communications and their relationships with influencers and media organisations can also become points of contention.

Yi’s allegations raise questions about these practices, particularly her claim that negative media coverage and KOL endorsements were purchased to influence public perception. However, the post does not provide evidence establishing that such activity occurred in the case she describes.

For cryptocurrency news organisations, the episode also underscores the importance of distinguishing between paid promotional content, independently produced journalism and allegations of coordinated negative coverage.

For now, the central question remains unanswered: whom was Yi He referring to?

Until she identifies the individual or further evidence emerges, the possible connection to Xu and OKX remains speculation rather than a confirmed confrontation between the two exchanges.