Jesse Powell, the founder of Kraken, will step down as its chief executive officer, but will remain on the board of directors as chairman, the Wall Street Journal reports, citing the company's statement.
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Dave Ripley, Kraken Chief Operating Officer, will replace him as CEO. Powell will continue focusing on product development and industry advocacy, the report says. It is unclear what is the reason behind the changes.
In January, Powell said that the exchange would comply with regulators and freeze clients' funds without judicial consent should the Canadian authorities require so. In a tweet, Powell wrote Kraken will be forced to comply with Canadian regulators, adding that users should not hodl assets on the exchange if they are afraid of these sanctions.
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