Coinone said on Thursday it has ended its co-CEO structure and shifted to a sole management system led by CEO Cha Myung-hoon (차명훈).

Coinone said it completed on March 19 the acceptance by the Financial Intelligence Unit (FIU) under the Financial Services Commission of a change filing related to the appointment of Cha as sole CEO. It then moved into full implementation of Cha’s sole leadership after follow-up internal procedures including a board resolution.

Cha is Coinone’s founder and largest shareholder. He became CEO upon its establishment in February 2014 and served as Coinone’s CEO for 11 years until August last year. He later stepped down and focused on establishing a mid- to long-term technology vision as board chair, and returned to management in December as a co-CEO.

Cha’s return to sole leadership reflects a decision driven by recent changes in the internal and external environment of the digital asset industry. Coinone plans to simplify its internal decision-making structure to respond more swiftly to external conditions and to push ahead with the development of innovative services at a faster pace.

A Coinone official said the decision was aimed at responding more swiftly to changes in the market environment at home and abroad amid policy and institutional changes expected this year. The official said direct management by the owner would speed up decision-making and strengthen competitiveness across all areas including services and technology.