Chief Strategy Officer of Bitfinex and Tether Is Departing

(Bloomberg) -- The chief strategy officer of cryptocurrency exchange Bitfinex is leaving the company.

“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,” Phil Potter said in an emailed statement. He’s also stepping down from the same role at Bitfinex affiliate Tether Ltd., which issues a digital token.

Bitfinex, one of the largest virtual-currency markets, has been a particular mystery in the crypto world since it lost its link to U.S. banking when Wells Fargo & Co. ending their relationship. Tether, a digital currency traded on cryptoexchanges worldwide, has faced its share of questions as well, particularly whether it in fact holds one dollar for every Tether in circulation as it claims. Earlier this week, Tether released an analysis of its bank accounts by a law firm it says shows it had adequate dollar reserves. The report wasn’t an audit.

“Phil has been instrumental in developing our business as a key senior team member over the past four years,” Jan Ludovicus van der Velde, chief executive officer of both companies, said in the emailed statement. “Bitfinex will continue to focus on strategic global initiatives while Phil pursues other opportunities.”

Reuters earlier Friday reported that Potter was leaving.

To contact the reporter on this story: Matthew Leising in Los Angeles at mleising@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Nick Baker

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