Two key executives at OKX, including their Global Government Relations Chief, Tim Byun, and product head, Wei Lan, have decided to leave the exchange.
During the years 2018-2020, Tim Byun served as the CEO of OKcoin’s American branch, concurrently Wei Lan managed the trading desk at this cryptocurrency exchange.
Top Executives Depart Abruptly
Top executives from the company are leaving during a time when the exchange is working to unify some aspects of its business under one brand. Before taking over the exchange’s government relations unit, Byun served as CEO of Okcoin, its US subsidiary. Simultaneously, Lan headed OKX’s trading desk operations and held the title of product chief. A few months prior, OKX experienced Patrick Donegan’s departure from his role as compliance chief at the crypto company after a short tenure.
Byun, Lan, and OKX have yet to comment on the matter.
OKX Consolidating Operations
Recently, OKX has been working on unifying some aspects of its business by bringing certain operations under a single brand instead of maintaining a distinct US entity. In addition to this consolidation, OKX aims to broaden its reach beyond the United States. The exchange marked the start of its international expansion in late February with the launch in Turkey, and more recently commenced operations in Argentina, which it identifies as an important crypto market in Latin America.
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Regulatory Challenges
Despite making efforts to broaden its reach beyond the US, OKX has encountered substantial adjustments due to regulatory hurdles in certain countries. For instance, the derivatives exchange disclosed it was halting activities in India due to local regulations. India has been actively cracking down on the cryptocurrency sector and has placed digital asset service providers under stringent anti-money laundering (AML) laws. As a result, these exchanges must register with the Financial Intelligence Unit (FIU IND) and adhere to the regulatory body’s AML guidelines. OKX advised Indian users to close all margin positions, open positions in perpetual contracts, options, and futures, and withdraw their funds from specific Grow products. Furthermore, the platform urged users to withdraw all funds from their OKX accounts by the 30th of April.
Users in India are required to take action on their positions and funds with regard to Grow’s Jumpstart, Loan, and Earn products due to local regulations. Specifically, they must close all margin positions, perpetuals, options, and futures, and withdraw all funds from these products and their OKX accounts by April 30th. Failure to do so may result in account restriction after this date.
OKX removed USDT trading pairs in Europe prior to the European Union implementing the rigorous Markets in Crypto-Assets Regulation (MiCA). MiCA imposes tough rules on stablecoin issuers, and OKX felt compelled to delist these pairs to adhere to regulations and uphold platform security.
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2024-04-17 13:05