Cryptocurrency exchange Backpack, established by former FTX employees, has appointed Laurence King, an expert from Citibank, as its head of audit. This move aims to enhance the platform’s commitment to transparency and audit integrity.

In a recent announcement, the crypto exchange emphasized King’s nearly 30 years of experience in leading audit and risk functions, most notably at Citibank, where he managed audit operations in various APAC regions. His career also includes roles at Morgan Stanley, Deutsche Bank, and JP Morgan Chase.

With King joining the team, Backpack aims to meet stringent regulatory requirements across different jurisdictions, improve transparency for users, and establish new audit standards within the industry.

“Despite having only launched in November 2023, Backpack has already demonstrated a strong commitment to compliance and accountability.”

Backpack CEO Armani Ferrante highlighted the appointment, stressing that the crypto industry has faced challenges due to inadequate internal controls at centralized exchanges, leading to significant failures. Ferrante underlined the importance of incorporating expertise from traditional finance to set new standards for transparency, auditability, and accountability.

Founded in 2023 by former employees of FTX and Alameda Research, Backpack has secured $17 million in Series A funding. This round was led by Placeholder VC, with contributions from Hashed, Robot Ventures, Amber Group, Wintermute, and Selini. CEO Armani Ferrante was an early employee at Alameda Research, while co-founder Can Sun previously served as general counsel at FTX.

Stay updated with more news on Global Crypto News.

Post Views: 10