Exclusive

Circle Trade has lost at least 6 employees, and its unit head is the latest

Quick Take

  • Circle’s OTC head has resigned from the firm
  • The Block learned Friday that Daniel Matuszewski, formerly head of Circle Trade, has resigned
  • We also learned that Chris Hermida, who led the OTC desk in London, and Beatrice O’Carroll, a sales exec for Circle Trade, have also left in recent weeks

At least six employees of Circle Trade have left the once-mighty over-the-counter trading business in recent months, sources close to the situation tell The Block.

Daniel Matuszewski, the head of the business unit, has resigned, according to an internal memo read by The Block.

Matuszewski said he would be leaving to pursue a "brand new entrepreneurial opportunity in crypto."

"I look forward to working with Circle in a professional capacity going forward from the other side of the trade," he wrote in his farewell note.

Matuszewski previously traded volatility for Bay Hill Capital, a Boston-area hedge fund

Nick Gustafson, previously a trader for Kraken's OTC desk, is taking over Matuszewski's position, according to the memo. 

However, Matuszewski isn't the only one to depart in recent months, and this exodus comes on the heels of layoffs and changes to asset offerings due to regulatory pressures in the U.S.

Chris Hermida, an OTC trader for Circle in London left the firm this week, according to a source. He was the second trader on the desk and helped build it out in its earliest days. He is looking at launching a hedge fund, the source said. Beatrice O'Carroll, formerly a sales exec for Circle Trade, also left the company last month. 

O'Carroll previously worked on Wall Street in sales and trading at firms like Citi and Deutsche Bank. 

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Paul Martin, who formerly did sales for Circle Trade, left in May. He is now a Vice President at Exodus.io, a crypto wallet. 

As The Block previously reported, Ryan Salame, once-head of Circle OTC trading in Hong Kong, left his role in June to head Alameda’s OTC APAC desk. The firm still has Salame base