Old Xu, Li Lin, and CZ—just a matter of luck. Before 2021, Huobi was the largest CEX, and Li Lin was the crypto emperor of that time. It was only after the forced exit that things started to go downhill. OKX also faced similar situations twice: first, when withdrawals were paused, and second, when they innovatively launched the Web3 wallet. They originally had a chance to surpass Binance but were ultimately halted by regulations, ending up paving the way for Binance instead. If these things hadn’t happened, it’s hard to say who the top CEX would be today. CZ’s distributed office model is still gaining traction.