OKX Accuses Binance of 'Predatory Poaching' Following X Layer Spokesman Termination: Inside the Escalating Crypto Exchange War
Introduction: A New Front in the Long-Running Rivalry
The cryptocurrency industry witnessed a significant escalation in corporate tensions on October 28, 2025, as OKX publicly accused a major competitor, widely interpreted as Binance, of engaging in "predatory poaching" tactics. The accusation came immediately following the termination of Felix Fan, the spokesman for OKX's affiliated blockchain, X Layer, for activities creating a "conflict of interest." While X Layer did not specify the nature of these activities, the swift and public response from OKX President Hong Fang has thrown a spotlight on the intense battle for talent and market dominance between two of the world's largest crypto exchanges. Fang's statement on X, accusing a rival identified only as "BN" of firing "tempting 'sugar-coated bullets'" at OKX employees, marks a new chapter in a feud that has simmered since 2015. This article delves into the specifics of the allegations, the historical context of this rivalry, and the current market dynamics that frame this corporate conflict.
The Spark: X Layer Spokesman Termination and Immediate Fallout
The immediate catalyst for this public dispute was an announcement from the X Layer blockchain on October 28. The project declared it had "immediately removed spokesperson Felix Fan for activities that created a conflict of interest with the company." The announcement was notably brief, offering no further details on what specific actions constituted the conflict. This lack of detail fueled speculation within the crypto community.
The corporate response was not long in coming. OKX President Hong Fang took to her official X account to post a statement that, while not naming Binance directly, left little room for doubt about the target. She wrote that OKX had "noticed that a certain competitor, 'BN,' has been enthusiastically firing tempting 'sugar-coated bullets' at OKX employees." The use of "BN" was immediately linked to Binance by the community, a connection strengthened by the common social media practice of referring to Binance Square as "bn square." This direct accusation transformed a single personnel change into a public indictment of a competitor's hiring ethics.
Allegations of a "Use-and-Discard" Poaching Strategy
Hong Fang’s statement provided specific details about what OKX perceives as an unethical talent acquisition strategy. She alleged that the competitor follows a "use-and-discard" hiring pattern. To substantiate this claim, she cited two examples: a former Chief Legal and Compliance Officer who departed the rival firm within four months of being hired, and a former DEX product manager who was "quickly terminated." The implication is that Binance aggressively recruits key personnel from competitors with high offers, only to dismiss them after a short period, thereby disrupting OKX's operations without a long-term commitment to the acquired talent.
In contrast, Fang outlined OKX's official talent retention policy. She stated that the company has a formal process to "match or exceed" competing offers for key talent, provided the employee shares the offer with the HR department. This policy is presented as a defensive measure against aggressive recruitment. Furthermore, Fang revealed that OKX has itself been a beneficiary of talent movement, claiming that "nearly 100 former senior and mid-level managers from the competitor have joined OKX." These individuals reportedly received "compensation increases between 100% and 500%," indicating the immense financial stakes in the war for experienced crypto professionals.
A Rivalry Forged in Fire: The OKX-Binance History
The current exchange of accusations is not an isolated incident but rather the latest flare-up in a rivalry that dates back to the industry's earlier days. The roots of this conflict trace to 2015 and involve OKX's predecessor, OKCoin. At that time, OKCoin accused its then-CTO, Changpeng 'CZ' Zhao, of forging contracts and falsifying his technical experience. Zhao later left the company and founded Binance, which would grow to become the world's largest cryptocurrency exchange.
Zhao did not let these accusations stand unchallenged. He countered with allegations of his own, claiming that OKCoin used in-house trading bots to artificially inflate its trading volumes and manipulated its 2014 proof-of-reserves audit. These early disputes set the stage for a decade of competition characterized by public jabs and strategic maneuvering. More recently, OKX founder Star Xu criticized Binance for its support of meme coins, highlighting differing philosophies on market development. The firing of Felix Fan and the subsequent poaching allegations have simply reignited this long-smoldering public feud.
Market Share and Global Footprint: The Stakes of the Competition
The intensity of this rivalry is underpinned by significant market share and global expansion ambitions. According to data from CoinGecko's Q3 2025 report, Binance maintained its position as the market leader with 39.71% of the total spot trading volume, which amounted to $1.6 trillion for September. However, this dominance has been challenged in recent years. A January 2024 report showed Binance's market share had dropped from 54% to 49% throughout 2023.
During that same period, OKX demonstrated notable growth, increasing its market share from 11% to 16%. However, according to the most recent Q3 2025 data, OKX's share now stands at 5.6%, ranking it eighth among centralized exchanges globally, just ahead of Coinbase at 5.19%. Other major players include MEXC (8.35%), Bybit (8.42%), and Gate.io (7.87%). This volatility in market share highlights the fiercely competitive nature of the exchange landscape.
Both companies are also actively expanding their global reach through strategic initiatives. OKX has been focusing on its "institutional expansion in Europe through regulated partnerships," seeking to build credibility and capture market share in mature jurisdictions. Simultaneously, reports indicate that "Binance’s expansion in Africa has continued," targeting growth in emerging markets. These parallel but distinct geographic strategies underscore their battle for dominance on multiple fronts.
Strategic Conclusion: Talent Wars in a Maturing Industry
The public spat between OKX and Binance over talent poaching is more than just corporate drama; it is a symptom of an industry grappling with maturation. As cryptocurrency moves further into the mainstream, the competition for experienced professionals who understand the complex regulatory, technical, and product landscapes becomes increasingly critical. The allegations of a "use-and-discard" strategy, if true, represent a particularly aggressive tactic in this war for human capital.
For readers and market observers, this incident underscores several key points to watch. First, monitor how both exchanges continue to execute their distinct global strategies—OKX in regulated European markets and Binance in emerging African economies. Second, observe any shifts in their respective market shares in subsequent quarterly reports to gauge whether these aggressive competitive tactics translate into tangible gains or losses. Finally, pay close attention to any official responses from Binance regarding these specific allegations, as their silence or rebuttal will shape the next phase of this corporate narrative.
Ultimately, this conflict highlights that in the high-stakes world of cryptocurrency, battles are fought not only over token prices and trading volumes but also in boardrooms and HR departments. The ability to attract and retain top talent is proving to be just as crucial as technological innovation for sustaining long-term growth and market leadership.