The Philippines is increasingly recognized as a pivotal arena in the ongoing rivalry among major cryptocurrency figures. Binance founder Changpeng “CZ” Zhao, former Binance CFO Wei Zhou, and OKX founder Star Xu are embroiled in a public feud that could impact the local crypto landscape.
Binance's Comeback
The conflict intensified when Binance announced its official entry into the Philippine market, collaborating with fintech firm BlockShoals under the Philippine SEC's regulatory sandbox. This marks a significant effort for Binance to re-establish itself after facing regulatory challenges in the past.
Binance officially enters the Philippines. 币安正式进入菲律宾。
Yi He, Co-Founder of Binance
This move follows a period of scrutiny, including a 2023 advisory against Binance by Philippine regulators and subsequent internet service provider blocks of its website in early 2024.
Star Xu's Critique
OKX's Star Xu has seized the moment to publicly criticize Zhao, calling for accountability regarding past market upheavals in October 2025. His remarks reignited discussions about governance and risk management at Binance.
CZ keeps misleading the public by claiming I’m jealous of him. Jealous of what?
Star Xu, Founder of OKX
Wei Zhou's Involvement
Wei Zhou's current role as CEO of Coins.ph adds another layer to this conflict. Though he has distanced himself from the rivalry, his statements on Binance's transparency have been used by Xu to bolster his critique.
The Coins.ph Connection
Acquired by Joffre Capital in 2022 for around $200 million, Coins.ph has become the Philippines' leading licensed cryptocurrency exchange. Zhou's leadership here positions him uniquely within this rivalry, particularly since he was previously implicated in attempts to stifle Binance's expansion.
Community Reactions
The crypto community, especially within Chinese-language circles, is closely monitoring these developments. Reactions vary, with some defending Zhou's position while others criticize Xu for leveraging Zhou's comments for his agenda.
Significance for the Philippines
Historically seen as a burgeoning crypto market, the Philippines now finds itself at the crossroads of significant rivalries among industry titans. For Binance, it's a chance to regain footing; for Zhou, an opportunity to expand his influence; and for Xu, a new front in an old feud.
As 2026 unfolds, the implications for the Philippines’ crypto market could be vast, shaping both local and international perceptions.