Former OKEx CEO Chris Lee Joins Rival Crypto Exchange Huobi

Francisco Memoria
  • Merely one week after resigning as OKEx's chief executive officer, Chris Lee revealed he's joining Huobi, a rival cryptocurrency exchange.
  • The move is notable as both exchanges are competing for the number one spot, and for dominance in Asian markets.

Chris Lee, former chief executive officer at cryptocurrency exchange OKEx, has recently joined rival exchange Huobi, according to a press release. Notably, the move comes merely one week after Lee resigned from OKEx to take a short break to spend time with his family.

The press release states that Lee is now going to help spearhead Singapore-based Huobi’s international strategy, as its new vice president of global business development. Lee himself confirmed the news on Twitter, where he claimed he sees Huobi become the largest cryptocurrency exchange.

Lee reportedly left OKEx after growing tired of clashing with the company’s founder, Xu Mingxing. According to a statement he published on WeChat, Mingxing “is a tech guy and lacks communication skills.”

He got his position at OKEx after the company’s former chief executive, Star Xu, stepped down in February. In a public note on WeChat, he suggested the company hasn’t been able to keep senior executives.

"For my former employer, I have done all I could ... The first generation of OKCoin's international and management teams have left. How many of the second generation are still there? And how many CTOs have left in the last three to four years?"

Chris Lee

The now-former OKEx CEO resigned little after Chinese national media started claiming the company has been illegally trading bitcoin futures contracts in the country. Their accusations even stated OKEx had only moved its headquarters to Hong Kong on paper, and is registering in Belize to dodge regulations.

Looking forward, Lee is seemingly bullish. Referring to Huobi, he stated:

"For my former employer, I have done all I could ... The first generation of OKCoin's international and management teams have left. How many of the second generation are still there? And how many CTOs have left in the last three to four years?"

Chris Lee

 Huobi itself has recently been embroiled in controversy, as various Chinese traders complained several cryptocurrencies, including ONT and NEO, plummeted on the platform, liquidating their positions.

Lee’s move is notable, as both exchanges are rivals competing for a larger share of the Asian market. At press time, OKEx is currently the world’s largest cryptocurrency exchange with a 24-hour trading volume of over $1.7 billion. Huobi ranks third with a trading volume of little over $1 billion.

Elon Musk and Roger Ver Say That It Is Time to End the COVID-19 Lockdowns

  • Tesla CEO Elon Musk called the sweeping stay-at-home restrictions "fascist" and not democratic.
  • Roger Ver, chairman of Bitcoin.com, argued people should have the right to choose whether they quarantine. 

Tesla (TSLA) CEO Elon Musk and Bitcoin.com chairman Roger Ver have both called for an end to the COVID-19 economic lockdown. 

According to a report by Reuters on April 29, Musk called the U.S. government’s sweeping, stay-at-home restrictions in response to the COVID-19 pandemic “fascist.” Speaking in a conference call, Musk told shareholders he did not know when Tesla would be allowed to resume production in California and called the stay-at-home order a “serious risk” to the business. 

He said, 

To say that they cannot leave their house and they will be arrested if they do, this is fascist. This is not democratic, this is not freedom. Give people back their goddamn freedom!

The Tesla CEO pinned a tweet to his personal Twitter account saying “FREE AMERICA NOW.”

Roger Ver, chairman of Bitcoin.com, also voiced his displeasure with the lockdown policies. Speaking at Virtual Blockchain Week, Ver argued people should have the right to decide whether they stay in quarantine. 

He said, 

I think the lockdown needs to come to an end, right now, today. If you want to lock yourself down, more power to you, feel free, have at it. But for the rest of us that want to live our lives, we should be able to do that too.

Featured Image Credit: Photo via Pixabay.com