Michael Moro steps down as CEO of Genesis Global Trading
He will be temporarily replaced by the crypto brokerage firm’s chief operating officer, Derar Islim
18.08.2022 - 10:50
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What’s new? The CEO of crypto brokerage firm Genesis Global Trading, Michael Moro, has left his position as part of a leadership change. The company’s representatives also reported that starting August 17, 20% of its staff of 260 employees will be laid off to reduce costs. Derar Islim, chief operating officer, will serve as interim CEO while a permanent replacement is sought, Bloomberg reports. Moro will temporarily advise the company.
What else does the outlet report? Tom Conheeney, former president of hedge funds SAC Capital and Point72 Asset Management, will become a board member. The company also announced the appointment of new chief risk, compliance, and technology officers.
A unit of crypto conglomerate Digital Currency Group, Genesis was the largest creditor to the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC). The parent company took some of the liabilities and filed a $1.2 billion lawsuit against 3AC, which is in liquidation.
Genesis Global Trading is a crypto broker that provides institutional investors with a platform for trading, borrowing, lending, and storing digital assets. The platform launched in 2013 in New York City. The company is regulated by the US Securities and Exchange Commission (SEC) and the US Financial Industry Regulatory Authority (FINRA).
Many companies have laid off employees amid the market downturn. Thus, crypto exchanges Gemini, Coinbase, and Huobi laid off 10, 18, and 30% of employees, respectively. The Bybit exchange cuts 20-30% of staff, and the OpenSea NFT marketplace — 20%. Online broker Robinhood reduced its staff by 23% and trading platform Bitpanda by more than 70%.
On August 8, Michael Saylor stepped down as head of analytics software company MicroStrategy, to be replaced by Phong Le. Saylor will remain as chairman of the board of directors. The entrepreneur plans to focus on buying bitcoin and promoting the cryptocurrency to the masses, while Phong Le will manage general corporate operations.
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