Star Xu, once at the forefront of China's cryptocurrency wave, founded OKCoin and OKEx, building them into Asia's largest digital asset trading platforms by volume at their peak.
As the crypto industry evolved, this influential founder gradually stepped back from the spotlight. His story is not just about the rise and transformation of a company but also a testament to shifting control and the relentless march of time.
Star Xu, the founder of OKCoin and OKEx, was one of the most representative figures in China's early crypto trading market. He established OKCoin in 2013, quickly turning it into one of the earliest and largest crypto asset trading platforms in China. Later, he launched OKEx, targeting the international market and briefly ranking among the top two global exchanges by trading volume alongside Binance.
However, compared to the highly visible community engagement and public relations of figures like Changpeng Zhao (CZ) or Yi He, Xu maintained a notably low profile. His product and technology-driven approach allowed the OK platforms to expand steadily, rapidly surpassing the milestone of one million users.
This seemingly straightforward upward trajectory, however, was later altered by several key events.
Background and Entrepreneurial Beginnings: From Finance to Blockchain
Star Xu was born in 1985 in Jiangsu Province's Huai'an region. He studied Applied Physics at the University of Science and Technology Beijing and later pursued a master's degree in mathematics at Renmin University of China, though he dropped out to embark on his entrepreneurial journey.
Early in his career, he briefly worked at Yahoo China, responsible for search engine technology. He then joined the founding team of Docin.com, serving as Chief Technology Officer (CTO), where he gained valuable experience in product architecture and platform operation.
In 2013, Bitcoin gained rapid popularity in China, also attracting regulatory attention. At the time, most trading platforms lacked sophisticated matching engines and user-friendly experiences. Xu identified this "technology gap" as an opportunity and chose to found OKCoin.
He focused on a high-performance matching engine, user protection mechanisms, and support for fiat currency deposits and withdrawals, quickly building market recognition. By 2014, OKCoin was one of the top three exchanges in China by trading volume, alongside Huobi and BTCC.
Internal Controversy and Pivotal Moments: From Departures to the Birth of OKEx
If OKCoin's rapid rise was a victory driven by technology, its subsequent challenges were closely tied to management style.
Beginning in 2014, internal disagreements emerged within the OKCoin team, particularly regarding marketing strategy and international expansion plans. Changpeng Zhao (CZ), then serving as Chief Technology Officer, left OKCoin due to strategic differences and later founded Binance.
Yi He also left the company that same year, joining Binance after its establishment as Chief Marketing Officer, becoming a key figure in driving its brand and global expansion.
This "exodus" was not widely known in the crypto community at the time but is now seen as a critical juncture:
- One path led to OKCoin, with its engineering-centric core, moving toward institutionalization and stability.
- The other path led to Binance, which excelled in community engagement and rapid execution, quickly expanding into the world's largest platform.
In 2017, Chinese regulatory policies tightened significantly, with ICOs explicitly banned and crypto-to-crypto trading facing restrictions. OKCoin promptly shifted its business focus overseas, establishing OKEx, registered in Malta and Hong Kong, to begin its global strategy.
Entangled in Controversy: The 2018 "Disappearance" and Trust Crisis
In September 2018, Chinese media reported that Star Xu had been "taken away by Beijing police for investigation." The news caused significant market turbulence. Although there was no subsequent official announcement, and he reappeared days later stating he was "merely assisting in an investigation," the incident undoubtedly impacted the OK brand.
Rumors at the time suggested the event was related to a dispute between an asset management company and the OK platform over funds, though the exact circumstances never became fully clear. Following this, Xu's public appearances decreased dramatically, and he no longer held the CEO position at OKEx.
He chose to retreat from the forefront to a behind-the-scenes role, but OKEx continued operating. After 2020, it officially rebranded as OKX, further developing its Web3 ecosystem.
OKX's Reorganization and Transformation: From Centralized Platform to Web3
After 2021, OKEx was renamed OKX, officially transforming into a trading platform with a younger brand identity and a more global positioning. Under the leadership of new CEO Jay Hao, OKX launched its own OKX Wallet, supporting multi-chain asset management, and actively participated in ecosystem development for DeFi, NFTs, and GameFi.
During this phase, Star Xu's name almost disappeared from official documents and external communications. Speculation persisted about whether he still led the overall OK Group, but OKX's official stance remained consistently low-key.
What is certain is that OKX remains one of the world's top three trading platforms, with stable daily trading volume, licensing and compliance progress in multiple regions, and its product design and user experience receiving broad community approval.
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Lasting Impact: Three Key Contributions to the Crypto Exchange System
Although Star Xu is no longer the central figure behind the platform, the foundational systems he helped build continue to deeply influence how exchanges operate today:
1. Productizing the Exchange
Before OKCoin, most platforms were essentially assemblages of wallets and order systems, lacking genuine platform design. Xu transformed the exchange into a "service product," complete with customer support, API, KYC, risk control, and brand packaging, raising the overall standard of the industry.
2. Implementing Layered Cold and Hot Wallet Management
Early platforms often kept all assets in hot wallets. Xu advocated for cold wallets, multi-signature protocols, and a layered asset management system, reducing single points of failure. This became a standard configuration for all major exchanges.
3. Pioneering the Scaling of Leverage and Derivatives Products
OKEx was one of the first major platforms in Asia to large-scale offer products like "perpetual swaps" and "leveraged ETFs." Many of the derivative designs mainstream today evolved from models first implemented at OKEx.
Conclusion: A Legacy That Built the Stage
In the world of cryptocurrency, founders don't always remain in the spotlight.
The crypto space of today is a multi-centric world composed of countless protocols, applications, communities, and DAOs.
Yet, looking back at the changes over the past decade, we must acknowledge that first-generation platform builders like Star Xu helped define the logical boundaries of this industry.
A controversial figure and a promoter of standardized systems, he is no longer the public face of OKX. However, the systems, protocols, and stability that OKX enjoys today still originate from the early groundwork he and his team laid.
For those new to crypto, understanding this history isn't about idolizing individuals but about knowing:
How the system you use daily came to be, and why it merits trust.
Frequently Asked Questions
Who is Star Xu?
Star Xu is a Chinese entrepreneur and the founder of the major cryptocurrency exchanges OKCoin and OKEx (now OKX). He was a pivotal figure in the early development of China's crypto trading ecosystem, known for his technical focus and low-profile style.
What happened to Star Xu in 2018?
In 2018, Chinese media reported that Xu has been taken by police for questioning, causing significant concern. He later stated he was assisting with an investigation. The event led to his reduced public role, though the exact details were never fully disclosed.
Is Star Xu still involved with OKX?
Star Xu has significantly stepped back from a public leadership role at OKX. The company is now led by CEO Jay Hao. While his exact level of involvement behind the scenes is not publicly detailed, the foundational systems he established remain core to the platform.
What are OKCoin and OKEx?
OKCoin was one of China's earliest and largest cryptocurrency exchanges, founded by Star Xu in 2013. OKEx was launched later as its international counterpart. OKEx has since been rebranded as OKX, a global crypto exchange and Web3 ecosystem platform.
What were Star Xu's main contributions to crypto?
His key contributions include professionalizing exchange infrastructure with robust product design, pioneering secure cold storage solutions for assets, and helping to popularize and scale advanced trading products like perpetual swaps in the Asian market.
How did OKX evolve from its origins?
The platform transitioned from OKCoin, focused on the Chinese market, to the globally-oriented OKEx, and finally to OKX, which now embraces a broader Web3 strategy including a multi-chain wallet, DeFi, and NFT integrations, reflecting industry trends.