September 24, 2022

Jesse Powell, co-founder and CEO of cryptocurrency exchange Kraken, has reportedly resigned after more than 11 years on the platform.

According to a Bloomberg report on Wednesday, Powell will be succeeded as CEO by COO Dave Ripley, who has been with Kraken since 2016. The former CEO will remain with the crypto exchange as chairman of the board while the company searches for a new COO over the next few months.

Powell reportedly said his decision to retire was due to the Kraken getting bigger: “It became more draining, less fun.” He added that he still plans to “remain very involved with the company.”

Related: Kraken has received a license to trade cryptocurrencies in the United Arab Emirates

As Kraken’s leader since 2011, Powell has guided the US-based exchange through the early years of the crypto space. In 2022, he announced that Kraken would close its global headquarters in downtown San Francisco and criticized “woke activists” as not suited to work on the crypto exchange.

Cointelegraph reached out to Kraken but did not receive a response at the time of publication. This story is developing and will be updated.