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Two top OKX executives, Global Government Relations Chief Tim Byun and product chief Wei Lan, have departed the exchange.
Tim Byun was also the CEO of US arm OKcoin between 2018 and 2020, while Wei Lan also ran the trading desk at the crypto exchange.
Top Executives Depart Abruptly
The departure of the company’s top executives comes amid the exchange attempting to consolidate certain parts of its business under a single brand. Byun was the CEO of Okcoin, the exchange’s US subsidiary, before assuming control of the exchange’s government relations unit. Meanwhile, Lan was in charge of OKX’s trading desk operations and was the company’s product chief. A few months before this latest round of departures, OKX also saw Patrick Donegan, the platform’s compliance chief, leave his position at the crypto giant after just six months.
Byun, Lan, and OKX have yet to comment on the matter.
OKX Consolidating Operations
OKX has been consolidating its business as it looks to bring some parts of its operations under a single brand instead of having a separate US entity. The exchange is also looking to expand its operations outside the United States. The platform announced its launch in Turkey in late February and began operations in Argentina, calling it one of the top crypto markets in Latin America.
“Today, we are very proud and excited to introduce you to @OKXTurkiye, which is the product of our long work and meticulous planning. We aim to give you everything you need to easily step into the world of cryptocurrency.”
Regulatory Challenges
However, despite attempts to expand operations outside the United States, OKX has also been forced to undergo significant changes due to regulatory challenges in some countries. For example, the derivatives exchange announced it was shutting operations in India due to local regulations. India has been proactively pursuing the cryptocurrency industry and recently placed digital asset service providers under its strict anti-money laundering regulations. This means cryptocurrency exchanges operating in the country must register with the Financial Intelligence Unit (FIU IND) and ensure compliance with the agency’s AML policies. OKX urged users in India to close all their margin positions, positions in perpetual, options, and futures, and redeem their funds from specific Grow products. Additionally, the platform urged users to withdraw all funds from their OKX accounts by the 30th of April.
“Due to local regulations,” users in India have been urged to close all their margin positions, positions in perpetuals, options and futures, and redeem all of their funds from the following Grow products: Jumpstart, Loan, and Earn. They also need to withdraw all funds from their OKX accounts by April 30. After this date, we’ll restrict your account.”
OKX also delisted USDT pairs in Europe as the European Union prepared to adopt the sweeping Markets in Crypto-Assets Regulation (MiCA). MiCA has some of the most stringent regulations for stablecoin issuers. OKX stated at the time that delisting was necessary to comply with regulations and maintain the security of the platform.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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