Clarification: The "Big Three" Is Not a Regulatory List
In discussions within the Chinese crypto market, the "Big Three crypto exchanges" typically refers to Binance, OKX (formerly OKEx), and Huobi (now HTX). This designation largely stems from their early market influence, user base size, and media habits, rather than being a fixed list recognized by any regulatory body. It also does not imply that all three platforms are compliant in every jurisdiction.
If the question is rephrased as "Who founded them and what company system do they belong to?", the answers are roughly: Binance was founded by Changpeng Zhao in 2017; OKX was founded by Star Xu in 2017, and was initially associated with the OK Group and OKCoin ecosystem; Huobi was founded by Leon Li and Du Jun in 2013.
Binance: From Chinese Market Origins to Global Regulatory Scrutiny
Binance is usually listed as one of the most common platforms in the "Big Three" designation. Public records show that Changpeng Zhao founded Binance in 2017, and the platform had strong ties to the Chinese market in its early days. After China introduced restrictions on virtual currency trading in September 2017, Binance moved its servers and headquarters to Japan, then expanded to Malta and other locations, gradually transitioning to international operations.
In June 2023, the U.S. Securities and Exchange Commission (SEC) filed multiple charges against Binance and Changpeng Zhao; in November of the same year, Changpeng Zhao resigned as Binance CEO and admitted to violating U.S. anti-money laundering regulations, with Binance paying a fine of approximately $4.3 billion. This marked a pivotal moment, making Binance a prominent case study in discussions about crypto industry compliance.
The exchange token BNB was long associated with the Binance ecosystem. Around 2018, BNB's market capitalization entered the top ranks of crypto assets; in July 2023, its circulating market cap was approximately $37.7 billion. These are historical figures; current prices, market capitalization, and rankings change over time.
OKX: OKEx Rebrands to OKX, Transitioning to a Comprehensive Blockchain Platform
OKX's English brand is OKX, formerly known as OKEx. Public records show that Star Xu founded OKEx in 2017, and it was initially associated with the OK Group's OKCoin ecosystem; OKCoin was established in 2013. OKX's headquarters are in Seychelles, with global offices in various regions.
In January 2022, OKEx rebranded to OKX, shifting its brand direction from a singular trading venue to a broader blockchain ecosystem platform. In April 2025, OKX relaunched operations in the United States and moved its headquarters to San Jose; in January 2026, OKX launched the "OKX Card" crypto debit card in the European market.
In terms of trading volume, public statistics in February 2025 showed OKX ranked among the top for both spot and derivatives trading volumes. This is historical data, and current rankings may have changed.
Huobi: Founded by Leon Li and Du Jun, Later Rebranded to HTX
Huobi was founded by Leon Li and Du Jun in September 2013, becoming one of the early major trading platforms in the Chinese crypto market. In February 2014, public statistics showed that Huobi's daily trading volume reached 380,000 BTC, accounting for over 50% of the global Bitcoin trading market at the time; this is historical data and cannot be used to infer its current market position.
In September 2021, Huobi announced that, to comply with Chinese government restrictions on virtual currency trading, it would cease new user registrations from China and planned to delist existing Chinese users by December 31, 2021. Subsequently, Huobi gradually shifted its focus to overseas markets.
In October 2022, according to public reports, About Capital Management acquired the shares held by Huobi founder Leon Li; in November of the same year, Huobi's Chinese brand was renamed "Huobi Global," and in September 2023, it was further rebranded to HTX. The brand changes reflect its transition from its historical "Huobi" identity to an international platform identity.
Why the "Chinese Market Big Three" Designation Exists
The "Big Three" is often mentioned due to the early development of the Chinese crypto market. Binance, OKX, and Huobi all had a large number of Chinese users, communities, and media discussions, which is why terms like "Chinese market Big Three" became widely circulated in historical contexts. However, this is not an official classification for current global exchange rankings.
The global crypto exchange landscape is influenced by regulation, liquidity, product lines, and regional compliance. Different jurisdictions, such as the U.S. SEC, EU MiCA, Japan's Financial Services Agency, Singapore, and Hong Kong, have varying requirements for exchange licenses, anti-money laundering, investor protection, and derivatives rules. Whether any platform can offer full services in a particular region should be based on local regulations and platform announcements.
How Readers Should Verify Information
When evaluating an exchange, consider its founding team, registration location, compliance licenses, product scope, public trading volume rankings, and regulatory events. Market conditions, rankings, and project dynamics change rapidly, and relying solely on historical data can be misleading; for relevant updates, follow Svmuu's ongoing reports. Before trading, you can also cross-verify information with public data sources like CoinMarketCap and CoinGecko.
