Kraken Loses Executives Ahead of IPO.
Large crypto exchange Kraken, which is preparing to list in the US in 2026, has lost several top executives.
According to a source, four heads of the company’s institutional division, the department that handles large clients, have left. The departing executives are David Olsson (global sales), Shannon Kurtas (exchange-traded products Pro), Jeff Cramer (OTC trading), and Sanjay K. (OTC Americas). The company declined to comment. Former employees also declined.
Previously, media reported that Kraken was cutting hundreds of jobs to reduce costs ahead of its IPO. In April, the company explained that it was eliminating duplicate positions but continuing to hire in key departments.
Financial results also declined: in the second quarter of 2025, revenue fell almost 7% compared to the previous year. EBITDA amounted to $79.7 million compared to $85.5 million a year earlier.
OKX Hires Former Kraken Executive Marcus Hughes
Major crypto exchange OKX announced the appointment of Marcus Hughes as its new Vice President and Head of Government Relations.
Hughes has over 20 years of experience in financial markets, specializing in regulation and company development in highly regulated industries. Most recently, he served as the Global Director of Regulatory Strategy at Kraken, where he oversaw regulatory engagement and helped the company adapt to new regulations in various countries.
Prior to this role, Hughes spent several years leading Coinbase’s European operations and served as its General Counsel for International Affairs, helping the exchange expand into new markets. He is also a venture partner at the US-based fund Sentinel Global.
