Binance and OKX Leaders Spar Over User Asset Issues

After OKX CEO Star Xu criticized how Binance handles account setup, Binance co-founder Yi He responded by sharing a trader's complaint about tokens stuck on OKX.

The dispute originated from one misdirected transfer. However, both parties now highlight weaknesses that have left users unable to recover or sell their funds.

OKX CEO Criticizes Binance's User ID System

The conflict started when a user on X attributed lost funds to a "UID collision". A user ID, or UID, is the numeric identifier for each exchange account.

On November 7, Yi He dismissed that assertion, stating that each Binance user has a single unique UID. According to her, the user in question had transferred funds to Binance Thailand, which operates a different account system.

Star Xu then joined the discussion. In his opinion, user IDs under a single brand must either be globally unique, or transfers using only UIDs between platforms must be blocked.

“The reason is simple: a UID identifies an account. If the same UID can exist on different sites under the same brand, while users are also allowed to transfer funds between sites using a UID, it can lead to the wrong receiving account being identified and funds being sent to the wrong place,” said OKX CEO.

The friction between Binance and OKX is not a recent development. On November 4, Xu accused Binance founder Changpeng Zhao (CZ) of deflecting blame after the recent hack.

He also took aim at CZ for finding time to spar with Elon Musk during the crisis.

Who Bears the Cost When User Funds Are Lost?

Yi He responded the following morning. She posted a trader's caution against using OKX's DEX mode for BNB Chain tokens.

The clash between Binance and OKX comes at a sensitive period. Binance is still recovering from the $6.3 billion hack, and on November 7 it announced that Chief Financial Officer Kaiser Ng is stepping down.