Major U.s. cryptocurrency exchange OKCoin has announced that its electric current chairperson, Hong Fang, is taking over as CEO.

Fang is a sometime Goldman Sachs banker, and early investor in OKCoin. She told Cointelegraph she will keep to be primary operating officeholder for parent visitor OK Group, in improver to her new duties as OKCoin CEO.

Meanwhile the electric current OKCoin CEO, Tim Byun, is moving to a new role with OK Group as its chief global government relations officeholder.

OKCoin secures licensing and fiat onramps

Fang explained that OKCoin has spent the better part of the past twelvemonth and a one-half securing licensing and fiat on-ramps for U.S. operations.

"We have successfully built a presence in the U.S., getting our registration with FinCEN as the MSB, and starting to get state licenses, state by state," Fang said. MSB refers to a Money Service Business registration and FinCEN is the Financial Crimes Enforcement Network.

The CEO switch is a effect of U.South. expansion

The new CEO said OKCoin still has work to exercise on the licensing side of the tabular array, although she added Byun's previous work sets the exchange upward nicely moving forrad into further U.Due south. expansion. In September 2022, OKCoin expanded to 7 boosted U.S. states, including Arkansas, Iowa and Utah. Fang said:

"We're actually at a phase where we are going to expand our presence in the U.Southward., both operationally, too as from a business perspective. We are recruiting heavily on the production side because nosotros believe that the product is really the soul of a company."

The leadership transfer will take effect on March 31, 2022.