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Breaking: CEO of Major Crypto Exchange to Step Down

Wed, 09/21/2022 - 18:43
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Alex Dovbnya
Jesse Powell will step down from his role as the CEO of cryptocurrency exchange Kraken
Breaking: CEO of Major Crypto Exchange to Step Down
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Jesse Powell has decided to step down from his role as CEO of the Kraken cryptocurrency exchange, according to a Wednesday report by The Wall Street Journal

Powell will be replaced by Dave Ripley, the company's current chief operating officer. For now, it is unclear who will succeed Ripley.  

Despite leaving the top job, Powell plans to continue playing an active role in the company as its biggest shareholder. He will assume the role of the chairman of the company's board of directors.

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Founded all the way back in 2011, Kraken is one of the oldest cryptocurrency exchanges. Presently, it has roughly 3,300 employees around the world.  

Last year, Powell said that his exchange could go public in 2022. While such a plan has likely been shelved, Kraken is among those few cryptocurrency companies that kept hiring in spite of the drastic cryptocurrency downturn, according to the report.          

In June, Powell stirred a controversy after making some bigoted comments and asking "triggered" employees to leave the company.  

U.S. authorities are also reportedly investigating Kraken for violating Iran sanctions. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at