Cryptocurrency Exchange Coinbase seems to have trouble keeping its executive as another official exit the firm.
Andrew Ridenour, product counsel for institutional products at Coinbase, has left the exchange to rejoin the U.S. Commodity Futures Trading Commission (CFTC), a government agency that regulates futures and option markets.
Ridenour who had spent 1.7 years at Coinbase revealed his decision to leave the company via his LinkedIn profile. Before leaving Coinbase, Ridenour was in charge of developing regulatory strategies, legal structures, and constructing business plans for institutional products for the company, according to his LinkedIn profile.
According to Ridnour’s announcement, he was leaving Coinbase for the CFTC. He had spent nine years working at the Division of Market Oversight, first as a senior trial attorney and later as a special counsel. Now, his profile reads, “Senior counsel and policy adviser to Chairman Tarbert of the Commodity Futures Trading Commission.”
The Ex-Coinbase executive wrote about his departure on LinkedIn saying, “I’m happy to be returning ‘home to the CFTC in Chairman Tarbert’s office. Looking forward to an amazing time at the Commission. Special thanks to the Chairman for giving me the opportunity to re-enter government service.”
Ridenour is not the first executive to leave Coinbase. Earlier in May, COO Asiff Hirji who joined the company in December 2017 also left the exchange. Other executives that have left the company includes CTO Srinivasan, Institutional head, Dan Romero, and members of the institutional team Adam White, and Christine Sandler.
Coinbase was the only crypto-related company listed among the top 50 U.S. based company by LinkedIn in April. However, a total of six executives has exited the company this year. Last year, the head of trading at Coinbase, Hunter Merghart resigned after just six months on the job. While it is yet unknown what causes this mass departure from the cryptocurrency exchange, the loss of its executive members would surely be a hard cross for the company to bear.