Coinone switches to a sole-CEO system under Seong-hyun Lee

The cryptocurrency exchange Coinone announced on the 19th that it will transition from the co-CEO structure of Myung-hoon Cha and Seong-hyun Lee to a sole-CEO system with Seong-hyun Lee. Cha has recently decided to resign as CEO at a board meeting.

Lee joined Coinone as Chief Operating Officer (COO) in January of this year and was appointed co-CEO in February. As sole CEO, Lee plans to lead overall management, business operations, and the development of Coinone’s business strategies moving forward.

Cha, who has led Coinone for the past 11 years, will step down from the co-CEO position to focus on his new role as Chairman of the Board. Specifically, through the board, Lee will discuss key management issues and concentrate on establishing the company’s mid- to long-term vision, including the discovery of new business opportunities.

Cha has served as CEO since Coinone was founded in February 2014. He is also the largest shareholder, owning 53.46% of Coinone’s shares.

A Coinone spokesperson stated, "This decision was made to respond more agilely to the changing crypto asset regulatory environment and to strengthen corporate competitiveness," adding, "Moving forward, Coinone will establish a swift and consistent decision-making structure under a sole CEO system to enhance brand value and promote sustainable growth."