Outgoing CEO of OKEx Transfers Allegiance to Rivals at Huobi

Outgoing CEO of OKEx transfers allegiance to rivals at Huobi

A few days after resigning his position as CEO of OKEx, Charles Lee has reportedly joined rival crypto exchange Huobi.

Chris Lee, real name Li Shufei, left his post as CEO of OKEx and as CFO of parent company OkCoin last May 14th. Lee will join Huobi as Board Secretary and VP, International Business Development, effective May 18th.

Lee’s many tasks will include supporting Huobi’s global business development, which includes Japan, Korea, the Middle East and APAC, as well as Huobi’s management and financing strategies. Huobi CEO Leon Li claimed that Lee’s resignation from OKEx and transfer to Huobi were agreed upon at the same time.

OKEx recently beat out it’s closest rivals, Binance and Huobi, to become the worlds largest crypto exchange by trading volume, having a 24-hour volume of about $1.7 billion as of press time. Huobi is currently third, seeing volumes of around $1.1 billion over the same time period.

However, OKEx is not without its critics. There is some skepticism from crypto commentators, in light of the fact that OKEx was involved in a scandal back in 2015. The firm was accused of allegedly faking it’s trading volumes that year.

The world’s top two exchanges are both Hong Kong-born, but both have opted for presences in multiple countries. Binance announced in March that they had relocated headquarters to Malta, due to its robust and transparent crypto regulatory climate, and OKEx just followed suit last month.

Meanwhile, Huobi, with headquarters in Singapore, has recently launched a subsidiary in South Korea, as well as unveiling its plans to expand to London.

Related Cryptocurrency News

Leave a Comment