Recent resignations and relinquishing of positions are happening around the crypto space lately due to several unforeseen circumstances affecting the companies and their customers.
President Brett Harrison is the latest man to join this ongoing list. He announced on his personal Twitter account on 27 September 2022 that he will be transferring his position as President of FTX US.
Before him, other high-profile crypto leaders like the CEO of Kraken Jesse Powell announced his replacement by Dave Ripley, and also Alex Mashinsky, the CEO of the now bankrupt Celsius crypto company, resigned from his position with immediate effect.
However, this is not the end of the soon-to-be former President’s presence in the FTX company, as he will be taking up another role in the further growth and development of FTX US. In his thread on Twitter, he mentions that “I’ll be transferring my responsibilities and moving into an advisory role at the company.”
Since becoming the President of FTX US in May 2021, Brett Harrison has done many notable tasks in the company, being a part of the company from its nascent stage to being globally recognized in the crypto industry.
Before his resignation today, Brett Harrison was involved in a controversy with the FDIC (Federal Deposit Insurance Corporation) a month ago. In his long since-deleted tweet, the President of FTX US made a misleading statement, announcing that the FDIC insures stocks bought via FTX. The government agency took notice of such false claims and ordered a cease-and-desist against Brett Harrison for his misleading information.
The FTX CEO Sam Bankman-Fried later responded and cleared up the rumor by stating that FTX is not insured by the FDIC and apologized in case the information had misled anyone. FTX is not the only company to have received such warnings from the FDIC, as even Voyager had been warned once.
Brett Harrison leaving his position for an advisory role brings about a change in the crypto world. Many are left wondering how challenging the economy has been on these cryptocurrency agencies that have either had to let their employees go or resign. Three Arrows Capital, a hedge fund cryptocurrency, and crypto lenders like Voyager and Celsius have been faced with bankruptcy.
What is FTX?
Investopedia explains that FTX is one of the outstanding centralized cryptocurrency industries specializing in influenced products and derivatives. It was founded by Sam Bankman-Fried, an MIT graduate in 2018, and since its inception has grown to become part of the major leading companies in the crypto industry within such little time.
FTX provides various products like MOVE contracts, tokens, options, and volatility products. It also offers spot markets in more than 300 crypto marketing pairs like ETH/USDT, FTT/USDT, BTC/USDT, and XRP/USDT.
What is the Difference between FTX and FTX US?
FTX is a public company based in the Bahamas, while FTX US is an affiliate of the latter and is restricted for use only by residents of the US. However, the management of both companies exists side-by-side, so there are no hiccups in the running of the companies.