Star Xu says CEX listings require accountability, while CZ argues open access should let users decide what to trade.
Debate over token listings has resurfaced tensions between centralized and decentralized crypto platforms. Recent comments from Binance co-founder Changpeng Zhao sparked a wider discussion on whether exchanges should list every available token. OKX founder quickly pushed back, arguing that such views ignore core differences between platform models.
Xu Draws Clear Line Between Centralized and Decentralized Exchanges
OKX founder and CEO Star Xu has rejected claims that centralized and decentralized exchanges operate under the same principles. His comments respond to a debate on token listings, user responsibility, and platform accountability.
Star Xu argued that comparing CEXs and DEXs creates a false equivalence. According to Xu, each serves a distinct role within crypto markets. DEXs offer open, permissionless access and operate as tools rather than intermediaries. Responsibility rests fully with users, who manage their funds and accept the risks tied to each transaction.
At first glance, this may sound reasonable—but it is actually a false equivalence.
DEXs and CEXs serve fundamentally different roles.
Open, permissionless access belongs to DEXs; responsibility, standards, and accountability belong to CEXs.A DEX is a pure self-custody tool.… pic.twitter.com/TjihoWy1t4
— Star (@star_okx) February 10, 2026
According to Xu, centralized exchanges operate under a different standard. User funds remain under the exchange’s custody, similar to banks holding deposits. Such control creates legal and ethical obligations under AML rules, sanctions screening, fraud prevention, and consumer protection.
Therefore, listing decisions cannot be treated as value-neutral acts. Xu further warned that calls to treat CEX listings like DEX listings amount to avoiding responsibility. The CEO added that openness does not excuse the need for standards. He added that such thinking reflects a deeper values gap between OKX and Binance.
Moreover, regulatory views also help explain why the distinction matters. Former SEC Chair Paul Atkins has described self-custody as a core property right.
Such thinking aligns with DEX design, where platforms never control assets. On the other hand, centralized exchanges carry expectations tied to their custodial role.
CZ Calls Out Double Standard in Memecoin Listing Debate
The debate gained momentum after crypto analyst Benjamin Cowen criticized exchanges for frequently listing low-quality memecoins. Cowen argued that aggressive listings cater to short-term retail activity while damaging credibility.
Response came quickly from Changpeng Zhao, who rejected Cowen’s criticism as inconsistent. He pointed out that it is inconsistent to praise decentralized exchanges for listing every token while blaming centralized exchanges for doing something similar.
Zhao believes exchanges should offer broad access and let users decide what to trade. He also noted that each platform has its own listing rules, which can change.
“I believe exchanges should provide access to everything. Well, this line will certainly get some heat. Why isn’t that token you like not listed? Every exchange have their own listing framework (which may change over time).”
Changpeng Zhao said.
In subsequent comments, Zhao acknowledged the limits of open listings. Securities concerns and flawed smart contracts complicate full access. Still, he maintained that listing a token does not mean users must buy.
