Crypto trading platform Backpack has announced the appointment of Laurence King as its new head of audit.
According to a recent press release, King, a banking veteran with nearly three decades of experience at major financial institutions, joins Backpack to reinforce the company’s commitment to transparency and audit integrity.
King’s impressive career spans roles at Citibank, Morgan Stanley, Deutsche Bank, and JP Morgan Chase. Backpack claims that his expertise in managing audits, regulatory engagement, and implementing compliance frameworks positions him well to enhance Backpack’s operations.
In this new role, King will be tasked with developing a world-class internal audit department and overseeing the company’s global audit processes. He will also be crucial in ensuring that Backpack adheres to stringent regulatory requirements across multiple jurisdictions while enhancing user transparency and setting new standards for audit practices in the cryptocurrency industry.
Armani Ferrante, CEO of Backpack Exchange, emphasized the importance of this appointment:
“Our mission is to establish a crypto exchange that exemplifies transparency, auditability, and accountability. Laurence’s appointment is a testament to our dedication to this goal.”
King also expressed enthusiasm about joining Backpack, which he noted was only launched in November 2023 and yet demonstrated “a strong commitment to compliance and accountability.”
“I look forward to leading our efforts to build robust global audit and compliance frameworks, thereby enhancing integrity and transparency in the cryptocurrency industry,”
King stated.
This appointment aligns with a broader trend in the crypto sector, where companies are increasingly recruiting executives from traditional finance and adjacent industries to lead key departments. Binance.US recently appointed Martin Grant, a former Federal Reserve Bank of New York executive, to its board of directors. Grant’s over 30 years of experience in legal and compliance roles within U.S. government entities will reportedly help the troubled exchange navigate the American crypto industry, which is currently in a critical phase.
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