Another crypto CEO steps down as Genesis Trading restructures management

Ignite CEO Peng Zhong, MicroStrategy CEO Michael Saylor, and now Genesis Trading CEO Michael Moro — top executives left crypto companies or moved into consulting roles.

Michael Moro, CEO of market maker and Digital Currency Group lending subsidiary Genesis Trading, has become the latest executive to step down from his senior position at a crypto company amid the market downturn.

In an announcement Wednesday, Genesis said Moro would step down as CEO of the company, a role he had served in since April 2016. According to Moro, he will support Genesis' "next phase of growth" in a advisory role as the firm transitions to new leadership.

7/ Since its creation in 2013, Genesis has successfully weathered periods of high market volatility. Going forward, we will continue to meet the needs of our clients and counterparties as we enter the next phase of industry evolution.

COO Derar Islim will act as interim CEO as the Genesis board searches for a new leader. Genesis announced the hiring of a new chief risk officer, chief compliance officer, chief technology officer, chief legal officer and chief financial officer in an effort to strengthen "overall enterprise risk management." Bloomberg reported on Wednesday that the trading company is also cutting its workforce by 20% from 260 people in a bid to cut costs.

It is unclear whether Genesis's strategy was influenced by the events surrounding the crypto market downturn. The trading firm confirmed in July that it had investment exposure to Three A...