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Jesse Powell Steps Down as Kraken CEO

Key Takeaways:

Kraken’s co-founder Jesse Powell intends to leave his position as CEO.Chief Operating Officer of the exchange Dave Ripley will succeed Powell in that position.

Kraken, a cryptocurrency exchange, announced on Wednesday that Chief Operating Officer Dave Ripley would succeed top executive Jesse Powell, who is leaving after more than ten years in the position.

Dave Ripley, who is now the Chief Operating Officer, will become the new CEO. The change in leadership will take place over the coming months when a new COO is hired.

The Wall Street Journal reported that Powell intended to remain involved with the business by devoting his time to industry advocacy and product development.

Powell created Kraken in 2011, just two years after the birth of Bitcoin, and has played a significant role in the crypto community ever since. 

According to reports, Dave Ripley claimed that as Kraken grew bigger, managing the business became more time-consuming and “less fun.”

He continued by saying that he still intends to be actively involved with the business he started in the early days of cryptocurrency.

I anticipate devoting more of my time to the company’s products, user experience, and lobbying for a wider industry, he added.

Data from CoinMarketCap shows that Kraken lists more than 200 cryptocurrencies, receives over one million weekly visitors, and trades up to US$1 billion every day. Powell, who is the company’s largest shareholder, will continue to serve on the board.

Hats off to @jespow for building Kraken for 11 years, with many contributions to the industry. Like raising a kid, a founder has to let go sooner or later. All the best! 🫡
https://t.co/9ke7rIsKnv

— CZ 🔶 Binance (@cz_binance) September 21, 2022

Powell’s resignation as CEO was announced by @czbinance, who also acknowledged Powell’s 11 years of work creating Kraken and several contributions to the sector.

Powell had earlier this year encouraged the awake Kraken employees to leave the company. According to reports, Kraken was being looked at for allegedly violating federal regulations by providing services to Iranians.

The US Department of Treasury was investigating Kraken, according to persons with knowledge of the case.

According to insiders, Kraken opened accounts in Cuba and Syria in violation of U.S. sanctions. Kraken had 1,522 users with addresses in Iran, 149 in Syria, and 83 in Cuba, according to a spreadsheet that the New York Times was able to acquire.

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Written by Aadrika Sharma

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