Coinone Transitions to Sole Leadership Under CEO Lee Sunghyun

Coinone, a leading specialized virtual asset exchange in South Korea, announced on August 19 that it will transition from a co-CEO system led by Cha Myunghoon and Lee Sunghyun to a sole leadership structure under CEO Lee Sunghyun. The company stated that the recent board meeting concluded with Cha Myunghoon stepping down from his co-CEO position, thereby ending the co-CEO arrangement.

Lee Sunghyun joined Coinone as Chief Operating Officer (COO) in January this year and was appointed co-CEO in February. Moving forward, as the sole CEO, Lee will oversee the formulation of management strategies and overall business operations, leading the company’s continued growth.

Cha Myunghoon, who has led Coinone for 11 years, plans to step down from the co-CEO role and focus on his position as Chairman of the Board. He will discuss key management issues through the board and concentrate on establishing mid- to long-term visions, including exploring new business opportunities. Cha has served as CEO since Coinone’s founding in February 2014 and currently holds a 53.46% stake, making him the largest shareholder.

A Coinone representative stated, “This decision was made to respond more swiftly to the changing regulatory environment in the virtual asset market and to strengthen corporate competitiveness. Under the sole CEO system, we will establish a fast and consistent decision-making structure to enhance brand value and pursue sustainable growth.”