Spokesperson Termination and Conflict of Interest
X Layer announced on October 28 that it has immediately terminated its spokesperson, Felix Fan. This decision was made due to activities that created a conflict of interest within the company. The blockchain company, which is affiliated with OKX, has not disclosed specific details regarding the nature of Fan's activities.
OKX President Alleges Competitor is Poaching Employees
Hong Fang, the President of OKX, issued a statement accusing an unnamed competitor, cryptically referred to as "BN," of attempting to entice OKX employees with attractive offers. While Fang did not explicitly identify the competitor, the cryptocurrency community widely believes "BN" refers to Binance, due to the common social media practice of referring to Binance Square as "bn square."
Fang asserted that this competitor has a history of hiring employees only to dismiss them shortly thereafter. The statement highlighted the departure of a former Chief Legal and Compliance Officer within four months and the swift termination of a former DEX product manager.
OKX maintains a policy to "match or exceed" competing offers for key talent, provided the offer is shared with HR, according to Fang's statement. The company reports that approximately 100 former senior and mid-level managers from the competitor have joined OKX, experiencing compensation increases ranging from 100% to 500%. Additionally, OKX has enhanced its institutional presence in Europe through regulated partnerships.
A Rekindled Long-Standing Rivalry
This recent incident marks the latest development in a series of public disputes that began in 2015. OKCoin, the predecessor to OKX, previously accused its former CTO, Changpeng Zhao, of forging contracts and falsifying technical experience. Zhao, who later founded Binance after leaving OKCoin, responded with allegations that OKCoin employed in-house bots to inflate trading volumes and manipulated its 2014 proof-of-reserves audit.
As the competition between these exchanges intensifies, Binance continues its expansion efforts in Africa. A report from January 2024 indicated that Binance's market share decreased from 54% to 49% in 2023, while OKX's share grew from 11% to 16%. The exchanges have also publicly clashed over business practices; notably, OKX founder Star Xu recently criticized Binance for its support of meme coins. The dismissal of Felix Fan from X Layer, stemming from conflict of interest allegations, has now publicly reignited this ongoing rivalry.
Current Market Positions
According to CoinGecko's Q3 2025 report, Binance commanded 39.71% of the $1.6 trillion in trading volume during September. MEXC secured 8.35%, followed by Bybit at 8.42% and Gate at 7.87%. OKX ranked eighth in market share with 5.6%, positioned just ahead of Coinbase, which held 5.19%.