BroadChain has learned that in his autobiography "The Binance Life," Binance founder CZ detailed the 2020 detentions of Xu Yingxing and Li Lin. He wrote: "On October 16, 2020, OKCoin abruptly announced an indefinite suspension of withdrawals... Rumors swirled that Chinese police had placed Xu Yingxing under 'soft detention,' confining him to a hotel and severing all external communications... The markets plunged into panic."
"Exactly five weeks later, on November 26, 2020, Xu Yingxing was released from 'soft detention' and OKCoin resumed withdrawals. Just two days after that, on November 28, Huobi founder Li Lin and 17 other senior executives were taken away by police during a VIP event. Li Lin was held in 'soft detention' for 90 days. Upon his release, he decided to leave the industry and put Huobi up for sale. Binance was approached about a potential acquisition, but we politely declined. In the end, Li Lin sold Huobi to Sun Yuchen."
CZ also disclosed: "Five years later, at a dinner in 2025, I met Li Lin again—our first meeting in 11 years. Li Lin told me he had seen a screenshot indicating that Xu Yingxing personally reported him to the Chinese police, and that this report directly led to his arrest."