Thursday, December 8, 2022

FTX U.S Brett Harrison Resign as President

Brett Harrison declared his decision to step down as FTX U.S President on Tuesday via Twitter. Accordingly, he would be taking on an advisory role at the United States-based crypto exchange. While he was in FTX U.S, Harrison was also in charge of FTX Stocks and FTX U.S. Derivatives.

His first tweet read, “Over the next few months I’ll be transferring my responsibilities and moving into an advisory role at the company.” 

“I have deep gratitude for my experiences at FTX in the last year and a half: growing FTX US from three multi-tasking employees to a talented and dedicated team of over 100 across tech, business development, legal, compliance, customer service, and operations; working together to build a nascent crypto exchange into a multi-business enterprise,” he continued.

Consequently, Zach Dexter who joined FTX in October 2021 will take over from Harrison as president. Dexter who was previously the Chief Executive Officer of LedgerX, is the CEO of FTX’s U.S. derivatives unit. FTX acquired the digital currency futures and options exchange and clearinghouse LedgerX in August 2021.

Meanwhile, Harrison became FTX U.S president in May 2021 and has since then contributed immensely to its growth. He helped FTX U.S transition into one of the top three cryptocurrency exchanges in the United States according to trading volume. 

Series of Resignation in the Crypto Industry

Harrison”s resignation comes a few weeks after he incurred the wrath of U.S regulator Federal Deposit Insurance Corporation (FDIC). Some tweets released by Brett insinuated that the funds held at and stocks purchased through FTX were FDIC insured. CEO of FTX Sam Bankman-Fried stepped in and apologized to the regulator clarifying that the information was false.

The FTX U.S chief’s resignation is one out of so many that the crypto industry has experienced recently. Only on Tuesday, Alex Mashinsky of bankrupt Celsius Network submitted his letter of resignation. Similarly, Jesse Powell was replaced by Dave Ripley after he announced that he was stepping down as Kraken CEO.

Additionally, Alameda Research co-CEO Sam Trabucco officially resigned from his position in the firm. In the same fashion as Harrison, he plans to take on an advisory role in the firm. Trabucco’s exit from Alameda research led to Caroline Ellison being the sole CEO.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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