Crypto exchange FTX is replacing its U.S. president

Brett Harrison, FTX

Source: CNBC

Brett Harrison, the U.S. president of the crypto exchange FTX, introduced his resignation on Tuesday, with the corporate within the midst of a large enlargement effort.

Harrison mentioned on Twitter that he might be transferring into an advisory position on the firm and mentioned he plans to stay within the trade.

“I have deep gratitude for my experiences at FTX in the last year and a half,” he wrote in a tweet.

Harrison joined FTX, whose father or mother firm is primarily based within the Bahamas, in May 2021 after spending shut to 2 years at Citadel Securities. Earlier in his profession, he spent over seven years at Jane Street, the quantitative buying and selling agency the place FTX founder and CEO Sam Bankman-Fried obtained his begin in finance.

As of early Tuesday, Harrison was listed as CEO of FTX US Derivates on the corporate’s web site. However, an organization consultant reached out to say that job is held by Zach Dexter. The web site has since been up to date to indicate Dexter with that position.

Harrison concluded his Twitter thread by saying that he “can’t wait to share” what he’ll be doing subsequent and, within the meantime, “I’ll be assisting Sam and the team with this transition to ensure FTX ends the year with all its characteristic momentum.”

FTX, which was valued at $32 billion in a funding spherical earlier this 12 months, is in talks with traders to boost as much as $1 billion at a roughly flat valuation, CNBC reported final week, citing sources conversant in the matter. The firm has been working to increase within the U.S., asserting Monday that it is set to purchase Voyager Digital’s belongings billion for $1.4 billion after profitable a chapter public sale.

In addition to Voyager Digital, FTX has been looking for out distressed crypto belongings within the U.S. because it tries to increase its market share through the so-called crypto winter. In July, FTX signed a deal that offers it the choice to purchase lender BlockFi.

FTX obtained a cease-and-desist warning from the Federal Deposit Insurance Corporation in August, instructing the corporate to cease “misleading” shoppers concerning the insurance coverage standing of their funds.

“We really didn’t mean to mislead anyone, and we didn’t suggest that FTX US itself, or that crypto/non-fiat assets, benefit from FDIC insurance,” Harrison wrote on Twitter on the time.

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