Coinone, a virtual asset exchange, said on the 20th that it has shifted to a sole management system under CEO Cha Myung-hoon.
On the 19th, Coinone completed approval of a change report to the Financial Intelligence Unit (FIU) under the Financial Services Commission for the appointment of Cha Myung-hoon as sole CEO. It then went through follow-up internal procedures, including a board resolution, and entered a full-fledged sole management system under CEO Cha.
Cha is Coinone's founder and largest shareholder. He was appointed CEO upon the company's establishment in Feb. 2014 and served as Coinone's CEO for 11 years until Aug. last year. After stepping down as CEO, he focused on establishing a mid- to long-term technology vision as board chair, and in December returned to management as co-CEO.
A Coinone official said, "With policy and institutional changes expected in the virtual asset market this year, this decision is aimed at responding more nimbly to changes in internal and external market conditions," adding, "By having the owner directly manage the company, we will speed up decision-making and strengthen competitiveness across all areas, including services and technology."