January 14, 2025, OKX CEO Star delivered a speech via video link. Below is the full text (organized and edited):

I’m delighted to meet everyone virtually today. Many of you are old friends of mine, and many others are online acquaintances. Welcome, and thank you for traveling so far to attend OKX’s event.

I. “Coin Circle” Should Not Be a Derogatory Term; The Future of the Crypto & AI Industry Is Promising

I have been part of the crypto industry for more than a decade, witnessing how people’s perceptions of Bitcoin and the crypto industry have evolved.

Here’s one intriguing observation: many people translate the English term “Crypto industry” into Chinese as “coin circle”. If “Crypto industry” in English generally carries a positive connotation — implying technological innovation and economic empowerment — “coin circle” in Chinese is more neutral. And in practice, many people even impose a somewhat negative meaning on the term “coin circle.” For example, if someone fails in a startup and then pivots to the crypto industry, people might comment, “He’s gone to the ‘coin circle’ now.”

This gap in semantics and the public’s bias toward the industry exist simultaneously and is an issue that the crypto industry urgently needs to face. In my view, “coin circle” is no different from the “car-making circle,” “smartphone circle,” or “live-streaming circle.” Each of us who works in the “coin circle” must hold ourselves to high standards of conduct in order to dispel and reshape public perceptions toward crypto in a positive way. When the core of the technology is reduced to mere hype and speculation, the industry’s long-term value can be misunderstood or ignored. This bias is not accidental, but the result of a complex interplay of social, economic, and cultural factors.

After spending decades in the crypto space, I deeply understand that the crypto industry is a technology-driven, innovative, vibrant sector that is receiving global regulatory support. Crypto & AI will be among the best commercial and technological fields globally in the next ten years.

Hence, I urge everyone: if we want to preserve the reputation of the “coin circle” or the “crypto industry,” it starts with our own actions. We must respect fellow practitioners, and in the end, shape ourselves into an innovative, tech-focused, and upright industry.

II. OKX’s Token Listing and OKB: Continual Development Under High Compliance Standards

In 2024, OKX achieved numerous impressive accomplishments worldwide. However, instead of spotlighting these achievements, I’d rather honestly address OKX’s shortcomings and challenges.

Many describe OKX as “unconventional” or even “self-important.” This is especially evident in our approach to token listing. Compared with other platforms’ listing methods, OKX maintains a highly restrained attitude in asset selection; we are decidedly non-aggressive.

In our view, listing is a process for discovering high-quality assets. But when we cannot determine an asset’s quality, we’d rather not recommend it to users. This cautious stance often makes us appear “hesitant” and has sparked debate about our conservative style.

Behind this caution is not only a deep concern for user interests, but also OKX’s commitment to its “corporate DNA” and “values.” Although this stance might cost us some market competitiveness in the short term, in the long run, such restraint provides a more solid foundation for healthy industry development. We also acknowledge other platforms’ successes in this area. However, different companies have different “corporate DNAs” and “values.” OKX is learning and improving, striving to balance user demands with our company’s values.

Another controversial subject is OKX’s platform token, OKB. In the industry, many companies opt to push token prices upward short-term to spark market enthusiasm, but we neither predict OKB’s price nor adopt short-term pump strategies. What I’d like to say is that OKB is similar to Bitcoin’s long-term value philosophy. Looking back, when Bitcoin was 1,000 USD or even 10,000 USD, people found it prohibitively expensive — today, those prices are considered really cheap.

We feel responsible for our users, and we must also respect the industry’s overall compliance environment. Because the crypto industry is subject to strict regulations, forecasting prices can involve regulatory risk. Therefore, OKX prefers enhancing OKB’s actual use cases and transparency to increase its intrinsic value — for example, in the future, we will be advancing the construction of the X Layer public chain, as well as openly displaying the amount of OKB that OKX holds.

OKX’s future development will continue to uphold prudence and caution, respecting rules and taking responsibility, and driving the co-development of technology and ecosystems. Beyond continually optimizing our technology and products, we will adopt a more open mind to market feedback and work with industry partners to build a more transparent, equitable, and sustainable crypto ecosystem.

Going forward, OKX hopes to change the external perception that we are “aloof.” I want to start with myself, learning, growing, and progressing alongside our partners, so that the crypto industry can ultimately be driven by technological innovation and real value rather than be held hostage to short-term interests.

III. Focus on Product Excellence, Embrace Industry Growth Opportunities

For many years, I have not seen any fund profit surpass Bitcoin’s returns. Industry participants should be wary of blindly believing in “wealth secrets.” The development dividends of the industry are the greatest opportunities. Jokingly speaking, “If you don’t hold 10 BTC, don’t call yourself a KOL — and if we take that as a standard for industry professionals, I believe the industry won’t disappoint us.”

Bitcoin’s total market size is just one-tenth that of gold, yet capital inflows from Bitcoin ETFs have already surpassed that of gold ETFs. This phenomenon not only confirms Bitcoin’s value but also suggests its future growth could be a hundredfold. Building a consensus around holding and understanding Bitcoin should be the basic threshold for industry practitioners and investors.

Bitcoin’s value anchor and Ethereum’s ecosystem potential are twin engines driving long-term growth in this industry — but that doesn’t represent an investment recommendation. We might say, “Always hold some Bitcoin. Within acceptable investment limits, being part of this industry is a form of accomplishment.”

Bringing the grand narrative of Bitcoin back to practical reality: OKX has made significant progress in recent years. Apart from our Web3 wallet and exchange products, we also have a “secret business line” to be launched this February. The current product is not yet entirely satisfactory, and we’re continuing to refine it. I hope that eventually, this OKX product can truly integrate into users’ daily lives across many countries worldwide, offering a seamless experience. Especially now that OKX has obtained licenses in multiple global jurisdictions and integrated local bank cards, this product will address the core challenges of our industry — such as smooth and convenient global on/off ramps — and achieve more technological innovations.

Thank you all.

Disclaimer

This content is for reference only. It does not constitute, nor should it be construed as:

(i) investment advice or a recommendation;

(ii) an offer or solicitation to purchase, sell, or hold digital assets; or

(iii) financial, accounting, legal, or tax advice.

We do not guarantee the accuracy, completeness, or usefulness of such information. Digital assets (including stablecoins and NFTs) are subject to market volatility, involve high risks, and may depreciate in value or even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you, given your financial condition and risk tolerance. For your specific circumstances, please consult your legal / tax / investment professionals. Not all products are available in every region. For more details, please see OKX Terms of Service and Risk Disclosure & Disclaimer. The OKX Web3 mobile wallet and its related services are subject to separate terms of service. You are responsible for understanding and complying with any applicable local laws and regulations on your own.

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