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Ray Lee
Ray Lee is a cryptocurrency executive and the co-founder and chief executive officer of Toobit, a cryptocurrency exchange launched in 2022.[1] A professional profile places him in Singapore and lists his founding role at Toobit as beginning in August 2022.[2]
Education
Lee earned a Bachelor of Business Administration in Business Administration and Management from the University of Leicester, where the profile lists his studies as spanning 2007 to 2012.[2]
Career
Before joining Toobit, Lee held roles in technology, gaming, and business development. A professional profile lists him as co-owner of GigaBlast Games from October 2006 to April 2012 and vice president of global partnerships at Motherson Sumi Wiring India Ltd. from January 2007 to May 2010.[2] From June 2012 to April 2015, he was founder and head of strategic partnerships and technical integration at SandBoxd Inc.[2]
The same profile lists Lee as a protocol engineer at Sky from February 2022 to February 2023 and names MakerDAO among his previous-role affiliations.[2] He became a founder of Toobit in August 2022, and a December 2025 interview identified him as the exchange’s co-founder and CEO.[2][1]
Toobit
In a commissioned interview published December 1, 2025, Lee described Toobit’s aim as balancing compliance and security with trader choice, privacy, and low-friction access.[1] The interview reported that the exchange served more than four million traders and had daily trading volume exceeding $30 billion.[1]
Compliance and Asset Protection
Lee said that Toobit follows global compliance standards while allowing most users to begin trading without identity verification. He characterized this non-mandatory know-your-customer (KYC) approach as compatible with compliance, saying the exchange requests verification when risk alerts or unusual activity patterns arise.[1] He cited Know Your Transaction monitoring from Elliptic and Beosin, ISO-level security, institutional custody from Fireblocks and Cobo, and Toobit’s Bee-Safe protection stack as parts of its risk-management approach.[1]
Lee described Bee-Safe as a multilayered strategy for protecting user assets. He said Toobit established a $50 million shield fund, financed by the exchange, to cover user losses caused by internal technical or security failures.[1] He also said the majority of user assets are held in multisignature cold storage with Fireblocks and Cobo. Toobit states that its reserves exceed the typical 1:1 backing standard; it publicly discloses only part of its on-chain hot-wallet balances and holds the remainder in institutional-grade cold wallets.[1]
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