The outspoken Powell, an early advocate of bitcoin (BTC) who founded Kraken in 2011, has been at the center of several company-related controversies this year. In June, Powell criticized a contingent of “woke activists” inside the company and told unhappy employees to quit, sparking a social-political debate that roiled the crypto industry and beyond. In July, reports emerged that Kraken was being investigated by the U.S. Treasury Department for allegedly allowing Iranian users to use the platform — a violation of international sanctions against the Iranian regime.
Powell has denied that these controversies spurred his decision to step down as CEO, telling Bloomberg that he informed Kraken’s board of his impending departure over a year ago. Instead, he chalked up the decision to something much more banal — boredom. “As the company has gotten bigger, it’s just gotten to be more draining on me, less fun,” Powell told Bloomberg.
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