Ben Caselin, a former executive at AAX, said that the brand’s reputation has been damaged and that his work at the company has become meaningless.
- The vice president for the global marketing and communications of AAX exchange revealed his resignation from the cryptocurrency exchange weeks after the company ceased processing withdrawals for users.
- Ben Caselin noted the reasons for quitting the company and his position at the cryptocurrency exchange. Caselin claims that despite his attempts to advocate for the community, the ideas they came up with were rejected and his role in communication had become “hollow.”
- The former AAX executive voiced his disapproval of how AAX is handling the situation. According to Caselin, the exchange’s actions were “without empathy” and “overly opaque.”
- AAX began halting withdrawals on November 14 to resolve a system upgrade issue. However, the exchange reassured its members that the withdrawals were stopped for no reason related to the unfolding FTX collapse and claimed to have no financial ties to the FTX exchange.
- After the news broke out, the team clarified that it needs extra funding since its investors have chosen to withdraw their money due to the FTX crash. The exchange revealed that this puts them in danger of a capital shortfall, which they must address before starting their regular activities again.
See Related: Cryptocurrency Exchange AAX Denies Having Exposure To FTX After It Halts Withdrawals
