Key Highlights
- OKX Founder Star Xu rejects claims in CZ’s book alleging he reported Huobi’s Li Lin during China’s 2020 crypto crackdown.
- The dispute revives 2020 China crypto purge memories, when Huobi and OKX were forced to shift operations overseas.
- Broader regional pressure continues as China tightens crypto oversight, affecting exchanges, apps, and cross-border enforcement.
A new dispute has emerged in the cryptocurrency world. Star Xu, the founder of OKX, has refuted allegations made in Changpeng Zhao’s book, ‘Freedom of Money.’ Zhao claims Xu informed Chinese authorities about Huobi Founder Li Lin in 2020, leading to Lin’s short-term imprisonment.
I recently saw reports circulating that I’ve labeled as entirely untrue. It’s important to remember that reports alone can’t establish facts, especially in the fast-moving crypto world. I also believe our CEO, Li, is a very perceptive leader who’s skilled at understanding people, and I’m confident he won’t give credence to something so illogical.
This information is entirely false. In the Asian crypto industry, sizable platforms and their founders regularly face numerous reports and complaints. If accusations alone were enough to determine guilt, the industry would have collapsed long ago. Huobi’s CEO, Li, is known for his strong interpersonal skills and has successfully managed various individuals over the years, so he shouldn’t have believed such a nonsensical claim.
— Star_OKX (@star_okx) April 8, 2026
The accusations stem from a post on X (formerly Twitter) by a well-known user, suggesting that Xu reported Li to authorities after a night out. The book details a 2025 dinner conversation where Li claimed he saw proof—a screenshot—that Xu was the one who reported him, leading to his arrest.
Xu denied the accusations, calling them false and highlighting the accuser’s history of dishonesty. He also rejected claims of market manipulation, disputes with Roger Ver, and legal action against Justin Sun.
China’s regulatory crackdown reshapes crypto operations
This disagreement is reminiscent of China’s 2020 crackdown on cryptocurrency, which led major exchanges such as Huobi and OKX to move their businesses to other countries. Just recently, on September 24th, Huobi’s owners voted to completely leave China, expecting an ongoing and strict ban on crypto trading from Beijing.
Huobi, a cryptocurrency exchange, has ceased operations in mainland China after talks with regulators failed to produce a path forward. According to co-founder Du Jun, there’s no possibility of continuing to legally operate there. The company has already stopped allowing new users from China and will close existing accounts by the end of the year, Bloomberg reported.
China’s regulations extend beyond its own borders. Apple recently took down Jack Dorsey’s messaging app, Bitchat, from its App Store in China following concerns raised by the country’s internet regulators about security issues.
Recently, Cambodia sent Li Xiong, the ex-chairman of Huione Pay, back to China to face accusations of fraud and money laundering. These moves demonstrate China’s strong effort to control cryptocurrency and fight illegal financial activity throughout the region.
The wider implications for Asian crypto
The dispute between Xu and Li isn’t just about their personal reputations; it also highlights how government rules impact crypto companies.
Ongoing enforcement actions show that cryptocurrency exchanges must function globally and adapt to changing rules and regulations. For exchanges in Asia to thrive, building trust and being open about their practices are essential.
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2026-04-08 14:14