Former OKEx Chief Chris Lee Resigns And Joins Rival Huobi

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Chris Lee, left, and Mingxing Xu, right.

Chris Lee, formerly chief executive officer of crypto exchange OKEx, has resigned and joined rival Huobi, both Huobi and Li announced today.

Lee, whose Chinese name is Li Shufei, resigned last week from OKEx. He said in a WeChat post today regarding joining a rival that he feels no regrets about his decisions. "Regarding my ex-employer, I am trying my best to contain myself as what I am doing is for the best for everyone. For my ex-employer, I have no regrets and I have tried my best."

Mingxing Xu, founder of, responded to Li’s decision by saying that "legal professionals will handle these matters. My blessings to Chris Lee and Li Lin!". Li Lin, or Leon Li, is the CEO and founder of Huobi, one of the largest crypto exchanges in the world. Xu did not elaborate his statement.

In a reflection of how fast-moving the world of cryptocurrency is, Leon Li, founder of Huobi said in an announcement today that he got in touch with Chris Lee the day when his departure from OKEx was announced. The two reached an agreement for Chris Lee to join Huobi shortly after. The announcement today is only seven days after when Chris Lee’s resignation was made public on May 14.

OKEx has suffered a series of setbacks in the past year. In March, an author named Sylvain "ArtPlay" Ribes accused via an article on Medium that around 93% of the crypto exchange’s transaction volumes were fake transactions.

Around the same time, investors camped in OKCoin’s Beijing office, seeking for compensation for losses after having bought tokens on OKCoin’s exchanges that the investors believe were manipulated by OKCoin.


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