Lennix Lai, the global chief commercial officer at crypto exchange OKX, recently spoke with Cointelegraph at the Blockchain Economy Summit in Dubai. He discussed the differences between working in traditional finance and crypto, how OKX handled the wave of exchanges implementing mandatory Know Your Customer (KYC) checks, and how the exchange navigates the rapidly changing regulatory landscape. Lai believes that crypto is “a lot more fun” than traditional finance, as it is more efficient and cheaper. He also noted that it is relatively difficult to innovate in traditional finance, and that navigating different regulations from various jurisdictions across the world requires extensive research and mapping out the different requirements. When asked about OKX following the trend of bringing mandatory KYC to its exchange, Lai said there is a need to “raise the bar” in crypto, similar to traditional finance. This will bring what he described as “the real capital and the main money” to the space. According to the executive, KYC is the first level and the first step to trying to raise the compliance standard in the space so that it can welcome other players in the world of finance.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Ezra Reguerra, Lennix Lai, Daniel Ricciardo |
| Companies | OKX, Ezra Reguerra, traditional finance, Know Your Customer (KYC), Blockchain Economy Summit, Binance, Cointelegraph, Joanna Alhambra, 3AC |
| Currencies | None |
| Securities | None |
