FTX.US President parts ways after almost 16 months 

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According to a string of tweets posted on Tuesday, Brett Harrison, president of the cryptocurrency exchange FTX.US, is resigning from his position but will continue to work with the exchange as an advisor.

The massive growth of FTX.US 

Under Harrison’s leadership, FTX.US grew from three multi-tasking employees to a team of more than 100 experts across technology, business development, legal, compliance, operations, and customer service. He also built a US brokerage firm, acquired LedgerX and Embed, raised $400 million, and worked with regulators and lawmakers, among others. FTX.US president said that he would continue to participate in the crypto industry and stated:

“This industry is at a number of crossroads. The one that matters most to me, as a financial technologist, is the intersection of the arrival of larger market participants, and the increasing fragmentation and technological complexity of the market’s landscape.”

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Harrison, who assumed the position in May 2021, is leaving at a time when the cryptocurrency exchange is seen as the ‘white knight’ of the troubled industry because it buys assets, technologies, and clients from businesses at low prices in the shaky digital assets sector.

One of Harrison’s since-deleted tweets angered the FDIC or Federal Deposit Insurance Corporation, which might have also contributed to Harrison’s decision.

Notably, the United States regulator said the tweet from July made false claims about the FDIC insurance of the assets maintained at FTX.US and the stocks purchased through it. As a result, the company was ordered to delete any false statements from its websites and social media accounts.

In response, FTX’s chief executive officer Sam Bankman-Fried reiterated that the company is not FDIC-insured and expressed regret if any of his earlier remarks were misinterpreted.

UST/LUNA collapse in May caused an industry-wide sell-off, which has debilitated the cryptocurrency sector. A number of businesses, including the hedge fund Three Arrows and the cryptocurrency lenders Celsius and Voyager Digital declared bankruptcy, while thousands of workers were let go by Coinbase, BlockFi, and Crypto.com, among others.

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