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Crypto exchange Backpack hires Citibank veteran as head of audit

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Crypto exchange Backpack hires Citibank veteran as head of audit

Cryptocurrency exchange Backpack founded by ex-FTX employees has onboarded Citibank expert to serve as its head of audit.

Crypto trading platform Backpack has onboarded banking veteran Laurence King to serve as the company’s head of audit in an effort to underscore the exchange’s commitment to transparency and audit integrity.

In a Jul. 2 press release, the crypto exchange highlighted King’s nearly 30 years of experience in leading audit and risk functions, most recently at Citibank where he served as head of audit in various APAC regions. King’s career also includes executive roles at Morgan Stanley, Deutsche Bank, and JP Morgan Chase.

With King on board, the exchange seemingly aims to adhere to stringent regulatory requirements across different jurisdictions, enhance transparency to users, and set new audit standards within the industry.

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

Laurence King

Backpack CEO Armani Ferrante commented on King’s appointment, noting that the crypto industry has witnessed “inadequate internal controls at centralized crypto exchanges,” leading to “significant failures.” Ferrante emphasized the importance of bringing in expertise from traditional finance to establish “new standards for transparency, auditability, and accountability.”

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