Senior OKX Executives Now Leave Exchange As Expansion Targets Grow

Key Points:

• Senior OKX executives Tim Byun and Wei Lan resigned from the cryptocurrency exchange amid a consolidation move to streamline operations under the single OKX brand.
• OKX aims to expand its global reach beyond China following the departures of the key personnel.
• Previously, OKX launched X Layer to offer lower fees and improved interoperability for users engaging with decentralized applications.

Long-term senior OKX executives, Tim Byun and Wei Lan, have resigned from their positions, according to sources familiar with the matter told CoinDesk.

Read more: OKX Review: Really Outstanding Cryptocurrency Exchange

OKX Executive Resignations Signal Strategic Shift

Byun served as OKX’s global head of government relations, while Lan oversaw most of OKX’s trading desk activities as head of product. Byun previously held the CEO position at Okcoin, OKX’s U.S. subsidiary, between 2018 and 2020, before transitioning to the government relations role.

The specific reasons for OKX executives’ departure have not been publicly disclosed by OKX. However, reports indicate that the exchange group is streamlining its operations under the single OKX brand, discontinuing its separate U.S. brand. These departures coincide with OKX’s efforts to expand its global presence and attract customers beyond China, as it ranks among the world’s largest cryptocurrency exchanges by trading volumes.

The consolidation process at OKX follows other recent changes, including the departure of OKX Global Compliance Chief Patrick Donegan earlier in January after a brief tenure of six months.

Launch of X Layer Network Marks Technological Advancement

In related news, OKX has unveiled its in-house Ethereum-based layer-2 network, X Layer, aimed at providing lower fees and improved interoperability for users engaging with decentralized applications.

The network, powered by zero-knowledge proof technology, was developed using Polygon’s chain development kit (CDK), facilitating shared state and liquidity across multiple blockchain networks through the Ethereum scaling protocol’s Aggregation Layer.