Bitfinex's Chief Strategy Officer Leaves Crypto Exchange

Crypto exchange Bitfinex's chief strategy officer Phil Potter is leaving the firm, Reuters reported Friday.

AccessTimeIconJun 22, 2018 at 6:57 p.m. UTC
Updated Sep 13, 2021 at 8:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Phil Potter, chief strategy officer for cryptocurrency exchange Bitfinex, has reportedly left the company.

reported Friday that Potter, who is also a director of the 'stablecoin' issuing company Tether, will be temporarily replaced by Jan Ludovicus van der Velde, Bitfinex's CEO.

Following the publication of this article, a representative for Bitfinex provided CoinDesk with a statement from Potter.

He said:

"As Bitfinex pivots away from the U.S., I felt that, as a U.S. person, it was time for me to rethink my position as a member of the executive team. It's been an incredible journey over these past four years, and while I wish my colleagues success and good fortune in their ongoing endeavors, I am also looking forward to new opportunities for myself in the days ahead."

According to data from Coinhills, Bitfinex is the fourth-largest exchange by trade volume, sporting roughly 121,000 BTC or roughly $750 million in volume over the past 24 hours.

The exchange has been at the center of controversy for some time, largely due to its close links to Tether. Just this week, law firm Freeh Sporkin & Sullivan LLP released a report attesting that Tether's USDT token is fully backed by more than $2 billion in reserves. Yet some quarters of the cryptocurrency community remain unconvinced, with the report sparking a fresh round of allegations that USDT has been used to inflate the price of bitcoin.

This article has been amended for clarity and updated with a statement from Phil Potter.

Exit sign image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.