OKX Struggles to Keep Pace With Binance as Crypto Exchange Competition Heats Up
OKX, once a prominent player in the crypto exchange scene, has faced a series of challenges in recent years. While it introduced X Layer and integrated OKB into its ecosystem, it has struggled to match the success of competitors like Binance and its BNB Chain.
OKX's journey began in 2017 when it rebranded from OKEx, the same year Binance was launched. CZ, Binance's founder, previously served as OKCoin's CTO but left in 2015. Despite the similar start, OKX has since lagged behind Binance in terms of trading volume, ranking seventh as of 2025.
Binance's expansion with BNB Chain and the BNB token has driven significant growth and new highs. Meanwhile, OKX's growth curve has stagnated, with competitors like Binance and Coinbase expanding their platforms. OKB, OKX's native crypto, outperformed BNB by over 400% in August 2025 but has since seen a declining OKB/BNB ratio.
Users have criticized OKX for lack of strategic vision and transparency around OKB. A VIP user even described OKX founder Star Xu as 'restrained' compared to Binance's CZ, contributing to OKB's stagnation. Star Xu acknowledged these criticisms but cited compliance restrictions as a barrier to meeting all user requests.
OKX faced another user backlash in July 2025 due to massive account restrictions. The opaque OKB buyback program has also raised concerns, with users warning about OKX's complacency as competitors capture market share.
OKX's struggle to keep pace with competitors like Binance highlights the challenges faced by the crypto exchange in recent years. Despite introducing X Layer and integrating OKB, OKX has not gained the same traction as its competitors. With users calling for more transparency and strategic vision, OKX must address these concerns to regain its footing in the competitive crypto exchange landscape.
