Times they are a-changin’ at CoinMarketCap, which has been around for seven years. The crypto market data company has experienced a management shakeup in which its CEO, Carylyne Chan, in addition to a handful of other employees, is leaving the company.
Chan announced her departure on Twitter, which comes on the heels of the firm being acquired by Binance in April. The crypto community is scratching their collective heads as to why the changes are happening several months after the deal was done.
CoinMarketCap (CMC) told BeInCrypto that Chan, in addition to four other employees, has resigned. Chan thanked the crypto community for their support over the past 2.5 years that she’s been with the company, adding that her departure is effective from August 31.
According to her LinkedIn profile, Chan also served as CMC’s chief strategy officer and vice president of marketing over the course of her tenure, which began in June 2018.
Today is my last day @CoinMarketCap. Thank you to all of you in the #crypto community who have been my peers and friends in the last 2.5 years! I'm grateful for the opportunity, and I'm looking forward to what's next! See my full post here: https://t.co/XJ2lPpV6UC
— Carylyne Chan (@carylyne) August 31, 2020
The Binance Effect
Binance rocked the industry with its April 2020 acquisition of CMC. Concerns about potential conflicts of interest were swirling. Crypto market data company Bitwise allegedly called CMC out for misleading trading volumes that were a false representation of the bitcoin market.
At the time of the Binance deal, then CMC CEO Brandon Chez similarly stepped down, saying of Chan at the time,
In many ways she was already the face of the company.
Binance chief Changpeng Zhao (CZ) responded to Chan’s announcement, saying,
Thank you for all your contributions. Best of luck!
Apparently all is well that ends well:
Crypto Twitter also responded to the development. Ian Kane, the founder of blockchain-based fintech Ternio, offered his analysis, saying:
A Flurry of CoinMarketCap Exits
Chan is not the only one to be departing CMC. In addition to her, Spencer Yang is also leaving the company. According to his LinkedIn profile, Yang was vice president of operations at CoinMarketCap from June 2019 – August 2020, listing “acquired” next to his former title.
Matthew Lippl told BeInCrypto that he is leaving CoinMarketCap. Lippl’s LinkedIn profile states that he has been with the company since 2018 and served as global head of design and growth since April.
Jeremy Seow, former Hashtag Capital partner, a company that was acquired by CoinMarketCap last year, is also stepping down. Seow’s LinkedIn profile says he was vice president of products at CMC from Jun 2019 till August 2020.
Additionally, Jared Chin’s LinkedIn and Twitter profiles state that he is the former project lead and head of events at CoinMarketCap, a position he held since November 2018 till now.
*BeInCrypto has reached out to Carylyne Chan, Binance, and CoinMarketCap for comment and will update this story if we receive a response.