Binance (BNB) founder Changpeng Zhao and OKX founder Star Xu are locked in a public feud on X, trading accusations of fraud, dishonesty and personal misconduct rooted in a decade-old dispute.

CZ's Memoir Sparks Old Allegations

The clash reignited after Zhao, known as CZ, published his prison-penned memoir earlier this week. Xu said the book misrepresented events from Zhao's 2015 stint at OKCoin, the predecessor to OKX.

Xu pointed to a video he said shows conflicting contract versions from that period. He called Zhao "a habitual liar" who "never changes" and accused him of misleading the public about a contract dispute involving early Bitcoin (BTC) investor Roger Ver.

CZ wrote in his book that Xu had accused him of forging a contract "out of the blue."

He said he denied the allegations in a Reddit post in May 2015 and detailed problems he observed at OKCoin.

The dispute escalated when Xu questioned whether Zhao had misrepresented his marital status, referencing earlier reporting in which Zhao's spouse was described as his "wife" in a letter submitted to a judge. CZ responded with a $1 billion wager that his divorce had been finalized, giving Xu a 24-hour deadline to accept.

Xu rejected the bet, citing compliance obligations. He pressed Zhao on whether his Binance stake had been legally separated as part of any divorce. Zhao dismissed the question, calling it "none of your business."

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Star Xu's Compliance Argument

Xu framed his refusal around regulatory standards. He wrote that publicly offering a $1 billion bet was "hardly professional conduct" for the beneficial owner of a regulated company. Both Binance and OKX hold licenses in multiple jurisdictions and are actively pursuing additional approvals.

Some commentators on X urged Xu to accept the wager, characterizing his refusal as evasion. Others warned the dispute amounted to a distraction for an industry still working to establish credibility with financial regulators.

CZ's Regulatory Record

The feud follows a turbulent stretch for both executives. CZ completed a four-month federal prison sentence in 2024 after pleading guilty to failing to maintain an adequate anti-money laundering program at Binance.

He has since positioned himself as an industry elder, investing in education and blockchain projects.

Binance also faced user backlash in Oct. 2025, when traders blamed the exchange for $19 billion in liquidations during a flash crash.

This latest confrontation also echoes a January dispute. Xu blamed Binance-linked market dynamics for amplifying the Oct. 10 crypto crash, a claim Binance and other market participants rejected. The 24-hour deadline CZ set for the billion-dollar bet expired on Apr. 10.

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