Brett Harrison, the U.S. president of the crypto exchange FTX, has announced his resignation. The company is in the midst of a massive expansion effort. Harrison announced on Twitter that he will be transitioning into an advisory role at the company, and he plans to stay involved in the industry. I am very grateful for my experiences at FTX over the last year and a half, as they have been very beneficial to me.
Harrison joined FTX in May 2021 after spending close to two years at Citadel Securities. Earlier in his career, he spent over seven years at Jane Street. FTX founder and CEO Sam Bankman-Fried also got his start in finance at Jane Street.
Harrison is the CEO of FTX US Derivatives and is listed as the executive on FTX's website immediately after Bankman-Fried.
He ended his Twitter thread by saying that he is looking forward to sharing his next project and, in the meantime, he will be helping Sam and the team with the transition to ensure FTX ends the year on a high note.
FTX, which was valued at $32 billion in a funding round earlier this year, is in talks with investors to raise up to $1 billion at a roughly flat valuation, according to CNBC. The company has been working to expand in the U.S., announcing Monday that it is set to buy Voyager Digital’s assets for $1.4 billion after winning a bankruptcy auction.
In addition to Voyager Digital, FTX has been seeking out distressed crypto assets in the U.S. as it tries to expand its market share during the so-called crypto winter. In July, FTX signed a deal that gives it the option to buy lender BlockFi. This move would help FTX gain a larger share of the market as it looks to expand its operations.
In August, the Federal Deposit Insurance Corporation (FDIC) issued a cease-and-desist warning to FTX, instructing the company to stop "misleading" consumers about the insurance status of their funds.
Harrison clarified in a tweet that neither FTX US nor any crypto/non-fiat assets are FDIC-insured. He emphasized that there was no intention to mislead anyone.
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