Coinone shifts leadership solely to Lee Seong-hyun

Coinone CEO Lee Seong-hyun / Courtesy of Coinone

Cha Myung-hoon, the founder of Korean cryptocurrency exchange Coinone who has led the company for the past 11 years, has stepped down from his role as CEO, the firm said Tuesday.

Following Cha’s resignation, his co-CEO, Lee Seong-hyun, is taking charge of company operations going forward.

Lee joined Coinone as chief operating officer in January and was appointed co-CEO the following month.

As the sole chief executive, he will now be responsible for setting business strategies and overseeing overall operations to drive the firm’s long-term growth.

After stepping down from the co-CEO position, Cha will focus on his role as chairman of the board. As chairman, he plans to address key management issues and help shape the company’s mid- to long-term vision, including exploring new business opportunities.

Cha remains Coinone’s largest shareholder with a 53.46 percent stake.

“This move is intended to enable the company to respond more flexibly to the evolving regulatory environment of the virtual asset industry and to strengthen competitiveness,” a Coinone official said. “Under the sole CEO system, we aim to establish a faster, more consistent decision-making framework that will enhance brand value and ensure sustainable growth.”

Coinone has been operating as a licensed virtual asset service provider since November 2021, following approval from the country’s financial authorities.

The company offers a range of blockchain-based financial services and continues to pursue its goal of becoming a comprehensive blockchain platform at the forefront of the digital asset and blockchain industries.