Caselin critical of how things are handled at his ex-company
•Ben Caselin has resigned from his position as vice president of global marketing and communications at the crypto exchange AAX.
• This comes two weeks after the exchange halted its operations following a malicious exploit.
• Caselin is critical of how AAX is handling its current liquidity crisis, saying that the platform has broken its trust with customers and that “the damage is done.”
• AAX’s current issues are linked to the bankruptcy of FTX. Following massive withdrawals, AAX is facing a capital deficit.
Ben Caselin has resigned from his position as vice president of global marketing and communications at the crypto exchange AAX. Caselin has been with the company for less than a year, joining in September 2019. In his role, he was responsible for the company’s marketing strategy and brand development. Prior to joining AAX, Caselin worked as a marketing consultant for startups and small businesses. He has also held marketing roles at major tech companies, including Google and Amazon.
In a statement, Caselin said that he was “proud of the progress” that AAX had made under his guidance, but that he had “decided to pursue other opportunities.” No replacement has been announced at this time. Caselin’s departure comes as AAX is preparing to launch its own cryptocurrency exchange later this year. The company has already received regulatory approval from the UK Financial Conduct Authority.
Caselin is critical of how AAX is handling its current liquidity crisis, saying that the platform has broken its trust with customers and that “the damage is done.” Caselin goes on to say that AAX’s decision to delist certain coins without prior notice was a “brazen” move that has caused many customers to lose faith in the platform. Caselin also asserts that AAX’s lack of transparency regarding its financial situation is extremely troubling, and that the platform needs to take steps to regain customer trust. Overall, it is clear that Caselin believes AAX has made some serious missteps in its handling of the current crisis, and that the platform needs to take immediate action to rectify the situation.
What Caused AAX’s Issues?
AAX’s current issues are linked to the bankruptcy of FTX. FTX is a crypto derivatives exchange that was founded in 2019. The company offers a range of products, including futures, leveraged tokens, and spot markets.
FTX recently filed for Chapter 11 bankruptcy protection in the United States. This came after the platform suffered heavy losses following revelations that the company was running on “borrowed funds” and a “fake token” FTT that had no backing. The truth of Sam Bankman-Fried and his “effective altruism” came to light showing how much more was being withheld from many in the crypto sphere. At the time of filing, FTX had $700 million in debt and owed $190 million to users.
Following FTX’s bankruptcy filing, AAX saw massive withdrawals from its platform. This led to a capital deficit and ultimately caused the exchange to halt its operations two weeks ago.
Ben Caselin has been critical of how AAX has handled its current liquidity crisis. In his resignation letter, Caselin said that AAX has broken its trust with customers and that “the damage is done.” He also said that he believes it will be difficult for AAX to recover from its current situation.
It remains to be seen what will happen with AAX in the wake of Caselin’s resignation. The exchange has been offline for two weeks and it is unclear when or if it will resume operations.AAUXX change management team issued an update on Friday morning which stated that they are making good progress on their plans to resume trading but cannot give a specific date yet as they need regulatory approval first which could take some time.
As crypto exchanges continue to experience liquidity issues, it remains to be seen how they will recover. Ben Caselin’s resignation from AAX is a sign of how serious these issues are and how they are impacting those who work for these exchanges. It will be interesting to see how AAXX progresses in the coming months as it tries to regain customer trust and business operations.