Kraken's Jesse Powell stepping down as CEO of crypto exchange

Quick Take

  • Jesse Powell is stepping down as CEO of crypto exchange Kraken.
  • David Ripley, Kraken’s COO, will take over as CEO.

Jesse Powell, chief executive of crypto exchange Kraken, is stepping down. 

David Ripley, currently serving as Kraken's chief operating officer, will take on the CEO role in the coming months. 

Powell will continue to serve as chairman of the board at the crypto exchange he co-founded in 2011, according to Fortune

“For me, this about spending more time on stuff which I’m good at and enjoy doing like working on product and industry advocacy stuff,” Powell told Fortune.

A representative for Kraken did not immediately respond to a request for comment.

During his 11 years at the helm, Powell helped grow Kraken to one of the world's largest crypto exchanges by market share. While overshadowed by Binance and Coinbase, Kraken saw over $160 billion in trading volume in the first and second quarters of 2021 alone, according to The Block Research.

However, neither Kraken nor Powell escaped controversy in that period, either. After two years of investigation, the U.S. Department of Justice hit Kraken with a fine in July for violating sanction laws by allowing individuals and Iran, Cuba and Syria to trade assets on its platform.

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