CZ mentioned in his memoir that Xu Mingxing had unexpectedly accused him of forging contracts. He denied this accusation in a May 2015 Reddit post, elaborating on the issues he observed at OKCoin. Xu rejected the wager, citing compliance responsibilities. He also questioned Zhao about whether his Binance shares were legally divided during his divorce, to which Zhao dismissively replied that it was none of his concern.
Xu attributed his refusal to regulatory standards, stating that publicly proposing a $1 billion wager is “almost unprofessional” for a beneficial owner of a regulated company. Both Binance and OKX hold licenses in multiple jurisdictions and actively seek additional approvals.
On social media, some commentators urged Xu to accept the wager, arguing that his refusal appeared evasive, while others warned that this dispute could become a distraction, especially as the industry continues to strive for credibility with financial regulators.
This dispute comes after both executives have experienced a tumultuous period. CZ was sentenced to four months of federal imprisonment in 2024 for failing to maintain adequate anti-money laundering procedures. Since then, he has worked to shape his image as an industry elder, investing in education and blockchain projects.
Binance also faced strong backlash from users in October 2025, with traders accusing the exchange of causing a $19 billion flash crash liquidation.
This confrontation echoes a dispute from January, when Xu blamed market dynamics related to Binance for the crypto crash on October 10, a claim that was rebutted by Binance and other market participants. The 24-hour deadline set by CZ for the billion-dollar wager expired on April 10.