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.

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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