X Layer terminated spokesperson Felix Fan for undisclosed conflict of interest activities, prompting OKX President to accuse Binance of targeting employees with competitive offers.
X Layer announced on Oct. 28 that it immediately removed spokesperson Felix Fan for activities that created a conflict of interest with the company. The OKX-affiliated blockchain did not specify the nature of the activities.
On Industry Competition and Talent Policy:
Recently, we’ve noticed that a certain competitor, “BN,” has been enthusiastically firing tempting “sugar-coated bullets” at OKX employees.
We fully understand that this is part of normal business competition — and as always, OKX would… https://t.co/D23kFogpk4
— hong (@hfangca) October 28, 2025
OKX President Hong Fang followed with a statement on X accusing a competitor identified only as “BN” of firing “tempting ‘sugar-coated bullets'” at OKX employees, according to the post. While Fang did not name the rival, community members widely interpret “BN” as referring to Binance BNB $659.4 24h volatility: 4.1% Market cap: $89.91 B Vol. 24h: $1.60 B , with users commonly calling Binance Square “bn square” on social media.
0x4dbfe198d8fb5ade5ff2a1655737177520bd4444
币安一号 和抖音一号一模一样
币安广场直播能送的最贵的礼物
如果cz在bn广场直播
会有多少人给他送币安一号？@cz_binance pic.twitter.com/Bno34kGg3W— don1z (@0xdongz) October 28, 2025
Alleged Poaching Pattern
Fang alleged the competitor follows a “use-and-discard” hiring pattern. The statement cited a former Chief Legal and Compliance Officer who left within four months and a former DEX product manager who was quickly 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 claims nearly 100 former senior and mid-level managers from the competitor have joined OKX, receiving compensation increases between 100% and 500%. The exchange has also expanded its OKX’s institutional expansion in Europe through regulated partnerships.
Long-Running Exchange Rivalry
The incident marks the latest chapter in a public feud dating to 2015. OKCoin, OKX’s predecessor, accused former CTO Changpeng Zhao of forging contracts and falsifying technical experience. Zhao, who founded Binance after leaving OKCoin, countered with allegations that OKCoin used in-house bots to inflate trading volumes and manipulated its 2014 proof-of-reserves audit.
Binance’s expansion in Africa has continued as competition between the exchanges intensifies. A January 2024 report 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 firing of Fan over conflict of interest allegations has now reignited the rivalry publicly.
Current Market Position
Binance held 39.71% of the $1.6 trillion in September trading volume, according to CoinGecko’s Q3 2025 report. 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%.
2025 Q3 Centralized Exchanges Spot Trading Volume | Coingecko