Resigned CEO of World’s Largest Crypto Exchange OKEx Joins Rival Huobi

Crypto exchange OKex’s outgoing chief executive officer, Chris Lee is now set to join rival virtual currency exchange Huobi. He tendered his resignation last week and will now join Huobi as a secretary of the board of directors as well as the international business development vice president. Some of his responsibilities will include supporting the global business development strategy of the exchange in the Asia Pacific region, the Middle East, Korea and Japan.

Lee resigned at a time when the virtual currency exchange based in Hong Kong had just become the biggest in the world topping Huobi and Binance. At the moment Huobi is in third place, while Binance is in the second position. OKex and Binance were initially headquartered in Hong Kong as they preferred having a multi-country presence. Two months ago  Binance moved its headquarters to Malta, while OKex also moved to the Malta island last month.

Huobi on the other hand has its headquarters in Singapore, but recently unveiled a subsidiary in South Korea. The cryptocurrency exchange also disclosed plans of opening a London office. Currently Huobi boasts employees numbering close to 1,000,  a big increase since it only had 10 employees when it launched five years ago. Earlier in the month Huobi’s general manager, Ross Zhang, revealed that the digital currency exchange was expanding into Canada. establishing an office in the city of Toronto.

“Although China has banned ICOs, there are blockchain-related projects like decentralised gaming apps being developed in China that have not issued ICOs. Huobi has set up a fund to invest in these promising projects.” But even with the ban, the world’s second biggest economy is keen on encouraging innovation especially with regards to blockchain technology.