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AAX update: Thor Chan steps down as CEO, plans expansion into Europe next year

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on Dec 20, 2021
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  • Board will oversee company operations during its search for a new CEO
  • Outlines vision to become an exchange for everyone, emphasizing mission of driving crypto adoption
  • Seeking license from the Monetary Authority of Singapore

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AAX offers a full suite of financial products and services to everyone, from NFT artists and entrepreneurs to savvy traders and the unbanked, actively engaging in public discourse and positioning itself as a crypto hub for everyone.

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Making crypto more accessible

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To fulfill its vision, AAX aims to make crypto more accessible to the estimated 96.1% of people worldwide who do not hold digital assets. AAX seeks to be an exchange for everyone by offering insights and products that support the integration of crypto into the daily lives of people around the world.

Change of leadership

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Thor Chan has stepped down as the CEO of AAX, but will continue to support the exchange as a member of the Board of Directors. He said:

I am honored to have been the CEO for AAX, which has achieved so much since our launch in November 2019. We built a community of more than two million users in over 100 countries and became the world’s first cryptocurrency exchange to be powered by LSEG technology, as well as the first to make the switch to the Satoshi Standard (SATS) to drive the adoption of Bitcoin forward.

While the Board is searching for a new CEO to head the next stage of AAX’s development, it will guide the management team until one is found.  

Plan to expand across Europe

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In February, AAX announced its Singapore affiliate entity had been granted an exemption under the Payment Services Act by the Monetary Authority of Singapore (MAS). Due to this, they are allowed to provide crypto services to customers in the country pending an application for a Payment Services License.

AAX is also in the process of establishing operators on European and other markets. Plans include registering as a local entity, opening an office, and implementing a hiring plan.

AAX to triple number of employees across the globe

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AAX wants to triple the number of its employees over the course of next year. The company is open to all candidates with an interest in crypto, regardless of their background or professional experience.

Growth strategy based on crypto accessibility

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AAX’s ambition to be an exchange for everyone is based on its conviction that crypto should be accessible to everyone. Ben Caselin, Head of Research and Strategy at AAX, said:

More than a technology or a new asset class, we see Bitcoin as a driver of change that proposes a different set of principles around ownership, agency, borderlessness and sound monetary policy. As an exchange, aside from offering a full suite of financial products and services, it also means we need to engage in public discourse and help shape the narrative around Bitcoin and the wider crypto markets.

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