Connect with us

Hi, what are you looking for?


OKX Sees Departures of Global Government Relations Head, Product Head, and Compliance Head: Report

According to a CoinDesk report, OKX, the world’s second-largest cryptocurrency exchange by trading volume, has lost two of its top executives, Tim Byun and Wei Lan.

As OKX merges its operations into a single global brand, the employees’ departures raise serious questions about its stability and future.

OKX Experiences Executive Departures Amidst Strategic Restructuring

Byun, who oversaw global government relations, and Lan, the head of product, played pivotal roles in OKX’s growth and rebranding efforts. Amidst reports of his departure from OKX, his LinkedIn profile does not reflect the sudden change.

Tim Byun previously served as the CEO of OKCoin, OKX’s U.S. subsidiary, from 2018 to 2020 before transitioning to his latest role. Wei Lan was instrumental in managing trading desk activities, contributing to the platform’s operational strategies.

While OKX has not publicly disclosed the reasons for OKX executives’ departure, the timing of these executive departures holds significant. The exchange is looking to strengthen its foothold in international markets and solidify its position as a prominent player. 

Reports suggest that the exchange group is streamlining its operations, consolidating its operations under the single OKX brand, and discontinuing its separate U.S. brand.

This consolidation effort at OKX is part of a series of recent changes, including the departure of Patrick Donegan, the former OKX Global Compliance Chief, earlier in January after a brief tenure of six months.

These departures align with OKX’s broader objectives of expanding its global presence and attracting customers beyond China. Notably, by trading volumes, OKX ranks second among the world’s largest cryptocurrency exchanges.

The reshuffling of top-level positions at OKX reflects patterns seen at Binance before facing significant legal hurdles and a $4.3 billion regulatory settlement.

At Binance, a series of resignations among senior executives, including that of anti-terrorism financial advisor Jennifer Hicks, preceded major legal actions and a notable restructuring of leadership.

OKX launches XLayer Mainnet Marks Technological Advancement

OKX, in partnership with Polygon, has launched the X Layer public mainnet, a new ZK Layer-2 solution designed to enhance Ethereum-based transactions for OKX’s 50 million users.#okx #crypto

— (@cryptonews) April 16, 2024

Despite recent executive departures, OKX is expanding its operations by launching its exchange Layer 2 chain, XLayer, on the public Mainnet on Monday. XLayer, developed with the Polygon Chain Development Kit (CDK), provides developers with a zero-knowledge Ethereum virtual machine (zkEVM) compatible environment.

Polygon stated, “Builders can access shared users and liquidity via the AggLayer, and users can transact across chains without bridging. Dozens of core infra providers & dApps are already integrated.” Additionally, AggLayer will support OKB as its official gas token, aiming to onboard more than 50 million users to OKX’s on-chain.

OKX’s Chief Marketing Officer, Haider Rafique emphasized, “We envision X Layer and other layer-2 chains as the highway infrastructure of the Web3 world, with dApps as the marketplaces and self-hosted wallets as the vehicles that take you there.”

According to XLayer’s official announcement on X, over 200 decentralized applications, including Chainlink, CurveFinance, Eigenlayer, Etherfi, and Renzo, are already building on the platform. OKX’s XLayer launch puts it in league with Coinbase, whose Base chain debuted in August 2023 and has achieved significant milestones in volume, revenue, project launches, and total value locked (TVL).

The post OKX Sees Departures of Global Government Relations Head, Product Head, and Compliance Head: Report appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Pavel Durov, the founder of Telegram, has received a generous donation from over half a million players of the viral Telegram-based clicker game called...


The crypto industry has made a record $94 million in political donations since 2023 in an effort to support pro-crypto governance. According to a...


As the Floki (FLOKI) bulls eye a quick 50% rally from current levels around $0.00021 to yearly highs above $0.00031 after a key technical...


Bank of America (BAC) upgraded its rating on Coinbase (COIN) shares from underperform to neutral on Friday and raised its price target for Coinbase to...


In a major move, Turkey drafted a crypto bill, tabled by the ruling party (AK Party) Group Chairperson Abdullah Güler on May 16, to...


Hong Kong became the first region outside mainland China to allow users to open digital wallets and hold China’s CBDC e-CNY, otherwise known as...

You May Also Like

Financial Advisors


Financial Advisors


Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.