Media report the dismissal of OKX’s two senior executives

The heads of product and political relations have left their posts

17.04.2024 - 08:15

2 min

What’s new? Two senior executives left the OKX crypto exchange at once. As CoinDesk reports citing sources, Tim Byun left the post of head of government relations, which he held since 2020. Wei Lan left his position as head of product, where he oversaw most of OKX’s trading activities.

CoinDesk’s material

What else is known? Lan has been with the company for many years. Before moving to the post of responsible for communication with officials, he was CEO of Okcoin, OKX’s US subsidiary, from 2018 to 2020.

The exchange group is in the process of consolidating its divisions under a single OKX brand, doing away with a separate brand in the United States. In January, OKX’s Global Compliance Chief Patrick Donegan left OKX after just six months on the job.

Analyst Colin Wu said the situation was reminiscent of the mass layoffs of Binance’s senior executives. At the time, the US authorities launched an investigation into the crypto exchange that ended with a $4,3 billion fine, the resignation of founder Changpeng Zhao as CEO, and a commitment to establish a board of directors and headquarters. Representatives for OKX, as well as Byun and Lan, declined or did not respond to requests for media comment.

Source: Twitter.com

Earlier, OKX announced it would cease operations in India due to regulatory issues. Accounts of local users should be closed by April 30.

This month, OKX launched its own Layer 2 (L2) network based on the Ethereum blockchain called X Layer, built using Polygon Chain Development Kit and zero-knowledge proof (ZKP) technology. The network is designed to provide lower fees and interoperability for users interacting with decentralized applications (DApps).

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