Cryptocurrency exchange OKCoin has made an executive swap with its current CEO, Tim Byun, stepping down to assume his old role as Government Relations Officer (GGRO) of OKGroup. Byun held a similar position when he originally joined OKCoin parent back in 2018.
Meanwhile, OKCoin chairman and one of its early investors, Hong Fang, is taking over as the newest executive director, effective March 31. The former Goldman Sachs banker also serves as chief operating officer (COO) of the San Francisco-based OK Group.
Fang will be overseeing operations for all of the group's business lines, which include OKCoin, OKLink, OK Capital, B-Labs, and OK Engineering Academy.
"I'm confidently passing on the OKCoin torch to the capable hands of Chairman Hong, who will be appointed as CEO when our transition is completed on March 31, 2020. With her natural leadership skills and her distinguished career in finance and business strategy, I have no doubt that she'll take OKCoin to new heights and achieve our mission of making digital assets accessible to the world," said Tim Byun.
In his new role, the outgoing CEO will focus on geographic expansion and manage the fiat-focused digital asset exchange's dialogues with governments and regulators worldwide.
Byun joined OK Group two years ago, coming from Bitcoin payment processor BitPay, where he served as a compliance officer.
Byun's experience helped OKCoin navigate US crypto Regulation
He previously worked as Visa's head of credit settlement risk, leading its anti-money laundering programs. He also spent nine years as the Examining Manager at the Federal Reserve Bank of San Francisco.
Byun's experience allowed OKCoin to remain in compliance with the US complicated regulations and laws about Cryptocurrencies .
"His strong compliance expertise, balanced approach to business, and strategic thinking has been instrumental for us in establishing our US and European presence among industry volatilities. I'm glad that he will continue to work with us in his new capacity and help us grow," said Hong Fang.
OKCoin was one of the three major crypto exchanges in China before the authorities' crackdown on the virtual asset industry, including a ban on ICOs in September 2017. Fleeing the hostile business environment, the exchange, along with its peers, has since shifted its operations overseas.
OKCoin International handled $18.4 million in cryptocurrency trading in the last 24 hours, according to CoinMarketCap. Its crypto-to-crypto entity, OKEx, is ranked the world's 20th largest cryptocurrency exchange by adjusted trading volume, currently trading around $1.62 billion over a 24 hour period.
