Key Points
- X Layer has dismissed its spokesperson, Felix Fan, due to a conflict of interest.
- OKX President, Hong Fang, accuses an unnamed competitor of poaching OKX employees.
X Layer revealed on October 28 that it has immediately terminated its spokesperson, Felix Fan, due to activities that caused a conflict of interest within the company. The blockchain company, which is affiliated with OKX, did not provide details concerning the nature of these activities.
Accusations of Employee Poaching
Hong Fang, the President of OKX, released a statement accusing a competitor, cryptically referred to as “BN,” of attempting to lure OKX employees with enticing offers. Although Fang did not explicitly name the competitor, it is widely believed within the community that “BN” is a reference to Binance, as users often refer to Binance Square as “bn square” on social media.
Fang claimed that this competitor follows a pattern of hiring and quickly discarding employees. The statement mentioned a former Chief Legal and Compliance Officer who left within four months and a former DEX product manager who was swiftly terminated.
OKX has a policy to “match or exceed” competing offers for key talent who share the offer with HR, according to Fang’s statement. The company reports that nearly 100 former senior and mid-level managers from the competitor have joined OKX, receiving compensation increases between 100% and 500%. OKX has also expanded its institutional presence in Europe through regulated partnerships.
Continuation of a Long-Standing Feud
This incident is the latest in a series of public disputes dating back to 2015. OKCoin, the predecessor of OKX, accused former CTO Changpeng Zhao of forging contracts and falsifying technical experience. Zhao, who founded Binance after departing from OKCoin, countered with allegations that OKCoin used in-house bots to inflate trading volumes and manipulated its 2014 proof-of-reserves audit.
As the competition between the exchanges intensifies, Binance’s expansion in Africa continues. A report from January 2024 showed Binance’s market share dropped from 54% to 49% in 2023, while OKX’s share grew from 11% to 16%. The exchanges have also clashed over business practices, with OKX founder Star Xu recently criticizing Binance for supporting meme coins. The dismissal of Fan over conflict of interest allegations has now reignited the rivalry publicly.
Current Market Standings
According to CoinGecko’s Q3 2025 report, Binance held 39.71% of the $1.6 trillion in September trading volume. MEXC captured 8.35%, followed by Bybit at 8.42% and Gate at 7.87%. OKX ranked eighth with 5.6% market share, just ahead of Coinbase at 5.19%.
