The new chief executive officer will lead the growth strategy of the company which will help in accelerating the approach of the company to expand over other markets.
The shift in the position is because of high inspection of the company as some links were unveiled to authorized persons in an investigation.
The responsibilities which will be handed over to the new CEO includes supervising the ClearLoop, the custody and trading network of the company.
Copper, an institutional crypto custody and brokerage platform from the United Kingdom has publicized that Amar Kuchinad is given the charge of new chief executive officer of the firm. This step is taken by the firm to nourish the institutional approach and spread its wings to the United States, Hong Kong as well Abu Dhabi.
On October 14, the company took to social media platform X and mentioned that, “We are excited to announce the appointment of Amar Kuchinad as the new Global Chief Executive officer of Copper, taking over from the founder of the company Dmitry Tokarev.”
Responsibilities of the new CEO
The new chief executive officer will lead the growth strategy of the company which will help in accelerating the approach of the company to expand over other markets. Tokarev has served as a CEO for about seven years in the company. Now, he will be only holding the position of founder director and the strategic shareholder.
Talking about the new Chief Executive Officer, he was a managing director at Goldman Sachs and a senior policy advisor of the Securities and Exchange Commission of the United States. Kuchinad is also a founder of Electronifie, a corporate bond trading platform acquired by Trumid in May 2017.
The responsibilities which will be handed over to the new CEO includes supervising the ClearLoop, the custody and trading network of the company. The network processes about 20 million trades in a month which is estimated to be about $100 billion in terms of the total notional value.
What does the ICIJ report reveal?
The shift in the position is because of high inspection of the company as some links were unveiled to authorized persons in an investigation. The International Consortium of Investigative Journalists has shared a report in which an estimation of about $4.2 million in crypto was transferred to Jonatan Zimenkov, an individual who is related to the arms-dealing network from Russia.
The report has also mentioned that no breach of the rules during the transactions were associated with the company. It also made a matter of concern related to the company’s obedience practice during the course.
Two years earlier, a public statement was made by the former CEO, Tokarev, over the official website of the company in which he criticized the military offensive of the Kremlin against Ukraine. In his statement, he further added that the government of Russia remains silent for every Russian. Also they even remain silent for the majority of them.