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AAX executive leaves crypto exchange amid operational halt

Ben Caselin revealed the reasons for his decision to leave the company and his position at the cryptocurrency exchange in a thread on Twitter.

AAX executive leaves crypto exchange amid operational halt
Cointelegraph further stated that the former AAX executive also voiced his disapproval of how AAX is handling the situation.

The vice president for global marketing and communications of the AAX exchange announced his resignation from his position at the cryptocurrency exchange weeks after the exchange began to halt withdrawals, Cointelegraph reported.

According to Cointelegraph, Ben Caselin revealed the reasons for his decision to leave the company and his position at the cryptocurrency exchange in a thread on Twitter. Caselin claims that despite his efforts to advocate for the community, the ideas they came up with were rejected. The executive said his communication role had become “hollow.”

Cointelegraph further stated that the former AAX executive also voiced his disapproval of how AAX is handling the situation. The actions of the exchange, according to Caselin, were “without empathy” and “overly opaque.”

Cointelegraph noted that the former executive noted that many people, including some of his family members, have asked him for assistance during the withdrawal halt. Caselin wrote that everyone is waiting for responses to the exchange, but that there was nothing he could do right now.

According to Cointelegraph, following the announcement, the AAX team made clear that more funding is required because its investors have chosen to pull their money out of AAX as a result of the FTX collapse. They risk having a capital deficit as a result, which they must address before starting up their regular operations, according to the exchange.

(With insights from Cointelegraph)

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First published on: 28-11-2022 at 16:13 IST