IQE Limited Managing Director Kranenborg Details Strategic Realignment Plans at Board Meeting in Emotional Address

November 15 18:02 2021

HONG KONG – It is fairly certain that in light of tougher regulatory oversight from China’s Central Bank and the implementation of KYC (Know-Your-Customer) requirements for withdrawals by Binance Exchange, there will have to be changed to IQE Limited’s current business model which focuses on arbitrage trading of cryptocurrencies.

In an emotional Board Meeting held last week, Managing Director Richard Kranenborg showed leadership in being candid about the current challenges the company was facing as well as the necessary changes the company has to take to overcome the challenges so as to ensure continuity.

During the meeting, Mr. Kranenborg stated that “this is one of the greatest challenges the company has ever faced and the company’s business model will have to adapt to this new reality in order to survive”.

Mr. Kranenborg became visibly emotional when he spoke of how changes to the company’s current business model would “inevitably have an impact on its stakeholders, particularly those based in China.”

He went on to say, “On behalf of the Management and Staff of IQE Limited, I apologize for all the difficulties and inconveniences caused by the tougher regulatory oversight of the cryptocurrency sector. We Did Everything Right, we had our priorities right, we had cutting-edge technical capabilities, and were ahead of our competitors. Nonetheless, the regulatory changes came too suddenly, and somehow we were just overwhelmed.”

However, Mr. Kranenborg recovered after several minutes and ended the meeting on a positive note saying, “My team and I are 100 percent focused on overcoming the challenges that we are facing, we will leave no one behind, and with the transition to our new business model, we can and will overcome this together. We will thrive once again.”

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