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Crypto exchange Luno’s vice president of corporate development and international, Vijay Ayyar, is leaving the company as it prepares to exit Singapore.
CNBC reports that Vijay Ayyar, a senior executive at cryptocurrency exchange Luno, has resigned from his position. Ayyar was one of the exchange’s earliest employees and, until his resignation, served as vice president of corporate development and international.
Ayyar, who has worked at Luno for seven years, steps down as the firm prepares to suspend its operations in Singapore, where he is based.
Luno, owned by Digital Currency Group (DCG), announced last month that it would no longer offer its services in Singapore. It also withdrew its license application to operate in the city from the Monetary Authority of Singapore.
The exchange explained the move is part of an “evaluation of [its] global strategy and presence.” Adding that the decision would not affect other regions it operates in.
Mr Ayyar told CNBC that his decision was not related to Luno’s leaving Singapore but rather to join another firm that operates in the Web3 and crypto space.
He said in a WhatsApp message to the news outlet:
“I’ll be leaving Luno after seven years at the company. Given the time I’d spent at Luno, just seemed like it was time for another challenge.”
A spokesperson at the exchange confirmed the news to CNBC, saying:
Vijay will be leaving after seven years. His role is a global one and isn’t tied to anything related to our Singapore closure. He’s leaving to pursue a new opportunity in the industry.
Luno CEO Steps Down
In March, Marcus Swanepoel, co-founder of Luno, announced that he is stepping down as CEO to become the firm’s executive chairman. Luno’s chief operating officer, James Lanigan, will become the new CEO.
The news of Swanepoel’s resignation comes just months after Luno announced it would let go of 35% of its global workforce.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.