OKX community sought transparency on OKB buyback program
Key Takeaways
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Why did the community slam OKX?
Users felt that rival exchanges are expanding, yet OKX and the OKB token stagnate.
How did OKX react?
Star Xu promised to address some of the issues raised, provided they are within regulatory bounds.
OKX, formerly known as OKEx, has faced community backlash for lacking ‘strategic vision’ and transparency issues around its native token, OKB.
A user claiming VIP status on the platform criticized it for allowing Binance [BNB] to outperform and overshadow its services.
He took a swipe at OKX founder Xu Mingxing, commonly known as Star Xu, for being ‘restrained’, unlike ‘aggressive’ Binance founder CZ.
“I think Xu Mingxing’s biggest mistake might be his restraint. Whether it’s OKB’s strategy, prep, or even the future OKpay, without support, they’ll still be dead in the market!”
Source: X
The user also raised an alarm on the opaque OKB buyback program. The token blasted over 400% in August after the exchange announced a buyback program.
But details on the initiative are hard to find in the public domain. In contrast, BNB burn rates are readily available.
He warned Xu that his products are unlikely to succeed if he remains complacent, especially as competitors like Binance and emerging rivals continue to capture market share.
OKX founder accepts criticism, but…
Star Xu acknowledged the criticism. He said that they’ll address some of the issues raised.
However, he added that some of the requests may not be met due to ‘compliance restrictions.’
Source: X
In July, the exchange faced another backlash for massive account restrictions.
OKX rebranded from OKEx in 2017, the same year Binance was launched. Previously, the exchange was known as OKCoin, a spot cryptocurrency trading platform that primarily targeted Chinese users.
CZ was the CTO (Chief Technology Officer) at OKCoin but left in 2015 due to a disagreement with Star Xu. He went ahead and launched Binance in 2017.
As of 2025, Binance is the world’s largest crypto exchange by trading volume, while OKX ranked seventh.
Source: CoinMarketCap
It has expanded its ecosystem by launching BNB Chain and integrating the BNB token as both a gas token and a tool for community growth. The altcoin has been hitting new highs, with its latest peak at $1,355, marking a year-over-year gain of over 130%.
Following a similar strategy, OKX introduced X Layer and incorporated OKB into its ecosystem. However, it hasn’t gained the same traction as BNB Chain or the BNB token.
OKB did outperform BNB by more than 400% in August, largely driven by a buyback initiative.
As of press time, though, the OKB/BNB ratio has been declining, indicating that BNB has outperformed OKB over the past two months.
Source: OKB/BNB ratio, TradingView
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