Star Xu says CEX listings require accountability, whereas CZ argues open entry ought to let customers determine what to commerce.
Debate over token listings has resurfaced tensions between centralized and decentralized crypto platforms. Current feedback from Binance co-founder Changpeng Zhao sparked a wider dialogue on whether or not exchanges ought to record each out there token. OKX founder rapidly pushed again, arguing that such views ignore core variations between platform fashions.
Xu Attracts Clear Line Between Centralized and Decentralized Exchanges
OKX founder and CEO Star Xu has rejected claims that centralized and decentralized exchanges function below the identical rules. His feedback reply to a debate on token listings, person duty, and platform accountability.
Star Xu argued that evaluating CEXs and DEXs creates a false equivalence. In accordance with Xu, every serves a definite function inside crypto markets. DEXs supply open, permissionless entry and function as instruments quite than intermediaries. Duty rests absolutely with customers, who handle their funds and settle for the dangers tied to every transaction.
At first look, this may increasingly sound affordable—however it’s really a false equivalence.
DEXs and CEXs serve basically totally different roles.
Open, permissionless entry belongs to DEXs; duty, requirements, and accountability belong to CEXs.A DEX is a pure self-custody software.… pic.twitter.com/TjihoWy1t4
— Star (@star_okx) February 10, 2026
In accordance with Xu, centralized exchanges function below a distinct commonplace. Consumer funds stay below the alternate’s custody, just like banks holding deposits. Such management creates authorized and moral obligations below AML guidelines, sanctions screening, fraud prevention, and client safety.
Due to this fact, itemizing choices can’t be handled as value-neutral acts. Xu additional warned that calls to deal with CEX listings like DEX listings quantity to avoiding duty. The CEO added that openness doesn’t excuse the necessity for requirements. He added that such pondering displays a deeper values hole between OKX and Binance.
Furthermore, regulatory views additionally assist clarify why the excellence issues. Former SEC Chair Paul Atkins has described self-custody as a core property proper.
Such pondering aligns with DEX design, the place platforms by no means management belongings. However, centralized exchanges carry expectations tied to their custodial function.
CZ Calls Out Double Customary in Memecoin Itemizing Debate
The controversy gained momentum after crypto analyst Benjamin Cowen criticized exchanges for incessantly itemizing low-quality memecoins. Cowen argued that aggressive listings cater to short-term retail exercise whereas damaging credibility.
Response got here rapidly from Changpeng Zhao, who rejected Cowen’s criticism as inconsistent. He identified that it’s inconsistent to reward decentralized exchanges for itemizing each token whereas blaming centralized exchanges for doing one thing related.
Zhao believes exchanges ought to supply broad entry and let customers determine what to commerce. He additionally famous that every platform has its personal itemizing guidelines, which may change.
“I consider exchanges ought to present entry to every little thing. Properly, this line will definitely get some warmth. Why isn’t that token you want not listed? Each alternate have their very own itemizing framework (which can change over time).”
Changpeng Zhao mentioned.
In subsequent feedback, Zhao acknowledged the bounds of open listings. Securities issues and flawed sensible contracts complicate full entry. Nonetheless, he maintained that itemizing a token doesn’t imply customers should purchase.