Cryptocurrency exchange Backpack, founded by ex-FTX employees, has hired Citibank veteran Laurence King as its head of audit. This move, announced on July 2, highlights the exchange’s commitment to transparency and audit integrity.
King brings nearly 30 years of experience, having held executive roles at Citibank, Morgan Stanley, Deutsche Bank, and JP Morgan Chase. His appointment aims to meet regulatory requirements and set new audit standards within the crypto industry.
Backpack, which launched in November 2023, has already raised $17 million in Series A funding. CEO Armani Ferrante emphasized the importance of traditional finance expertise in addressing inadequate internal controls seen in other exchanges.
King’s appointment is a strategic step towards enhancing transparency, auditability, and accountability in the crypto sector, setting a precedent for industry standards.
