NEW YORK (Reuters) – Bitfinex Chief Technique Officer Phil Potter is leaving the cryptocurrency buying and selling platform, the manager and the trade instructed Reuters on Friday.

FILE PHOTO: Photograph illustration of Bitfinex cryptocurrency trade web site taken September 27, 2017. REUTERS/Dado Ruvic/Illustration

Potter will likely be changed within the interim by Chief Government JL van der Velde, the corporate stated.

“As Bitfinex pivots away from the U.S., I felt that, as a U.S. individual, it was time for me to rethink my place as a member of the manager workforce,” Potter stated in a press release.

He referred to “new alternatives” within the days forward however didn’t elaborate.

Owned by a British Virgin Islands firm, Bitfinex is the fourth-largest cryptocurrency trade on the planet by buying and selling quantity. It allows merchants to purchase and promote digital currencies reminiscent of bitcoin and ether.

The trade shares administration with Tether, an organization that points a cryptocurrency that’s pegged to the U.S. greenback.

Tether critics have raised considerations over the previous 12 months about whether or not it truly holds $1 in reserve for each token issued, because it claimed.

Earlier this month a College of Texas analysis paper alleged Tether’s token might have been used to control bitcoin’s worth final 12 months throughout its meteoric rise.

Bitfinex has denied these claims.

This week a Washington-based regulation agency co-founded by former FBI director Louis J. Freeh stated in a report launched by Tether the corporate had sufficient U.S. greenback reserves as of June 1 to again its digital cash in circulation. The report was not a full audit.

International regulators have ramped up their scrutiny of cryptocurrency markets following a rally in costs final 12 months. The U.S. Commodity Futures Buying and selling Fee and the Division of Justice are reportedly investigating whether or not the worth of bitcoin is being manipulated.

In December the CFTC despatched a subpoena to Tether and Bitfinex.

Potter, an American who as soon as labored at Morgan Stanley, was one among three most important Bitfinex managers, together with the CEO and a chief monetary officer based mostly in Europe.

Reporting by Anna Irrera in New York; Enhancing by Cynthia Osterman and Matthew Lewis