Former OKEx CEO Chris Lee Joins Rival Crypto Exchange Huobi

21.05.2018

Chris Lee, the former chief executive of OKEx, the world’s largest cryptocurrency exchange by volume, has announced he is joining rival platform Huobi as its vice president of global business development just one week after stepping down.

The former OKEx CEO announced his new career move via Twitter on May 21, saying that he has “officially joined the Huobi group as secretary of the board of directors and vice president of international business development.”

OKEx and Huobi currently rank first and third respectively in terms of 24-hour cryptocurrency exchange trading volume and are direct competitors in the Asian market. OKEx currently sees on average around $1.8 billion in 24-hour volume, while $1.1 billion flows through Huobi.

Regional crypto news outlet 8btc reports that Chris Lee clarified the reasons for his May 14 departure from OKEx, which was also announced on Twitter via his WeChat social media account, indicating that possible disagreements with OKEx founder Xu Mingxing may have contributed to his decision.

According to the 8btc report, which displayed screenshots of Chris Lee’s WeChat post, the former CEO said that “Xu is a tech guy who lacks communication skills, a problem many geniuses have to face. He heads the team alone and is not used to handing over some work to and trusting others. He works really hard, but is not easy to get along with. But I’m only responsible for OKEx’s overseas business and I’m an idealist.”

Lee has worked for OKEx parent company OKCoin since 2015 and was appointed to the CEO role in February 2018. Although he cited disagreements with OKCoin founder Xu Mingxing, Lee also stepped down shortly after allegations surfaced in March 2018 that OKEx had manipulated the trading price of Bitcoin on its platform, accusations which the exchange denied.

In his latest Twitter post, Lee promised to make Huobi the “biggest in the entire industry.”

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