OKCoin’s Chair Takes Over as CEO, Former Chief Executive Moves Sideways

Main United States cryptocurrency trade OKCoin has introduced that its present chairperson, Hong Fang, is taking on as CEO.

Fang is a former Goldman Sachs banker, and early investor in OKCoin. She advised Cointelegraph she’s going to proceed to be chief working officer for mum or dad firm OK Group, along with her new duties as OKCoin CEO.

In the meantime the present OKCoin CEO, Tim Byun, is shifting to a brand new position with OK Group as its chief international authorities relations officer.

OKCoin secures licensing and fiat onramps

Fang defined that OKCoin has spent the higher a part of the previous 12 months and a half securing licensing and fiat on-ramps for U.S. operations.

“We’ve efficiently constructed a presence within the U.S., getting our registration with FinCEN as the MSB, and beginning to get state licenses, state by state,” Fang mentioned. MSB refers to a Cash Service Enterprise registration and FinCEN is the Monetary Crimes Enforcement Community.

The CEO change is a results of U.S. enlargement

The brand new CEO mentioned OKCoin nonetheless has work to do on the licensing facet of the desk, though she added Byun’s earlier work units the trade up properly shifting ahead into additional U.S. enlargement. In September 2019, OKCoin expanded to seven further U.S. states, together with Arkansas, Iowa and Utah. Fang mentioned:

“We’re really at a stage the place we’re going to develop our presence within the U.S., each operationally, as nicely as from a enterprise perspective. We’re recruiting closely on the product facet as a result of we imagine that the product is basically the soul of an organization.”

The management switch will take impact on March 31, 2020.