Things have changed a bit at Celsius Network. As recently as May 2022, Jason Tucker-Feltham left his position as head of UK compliance advice at Unicredit in London and moved into a front office role as head of European sales at Celsius. In that context, Tucker-Feltham said he would work for a company that “allows its customers to find financial freedom.”
For a few weeks, this seems to be true. Celsius has facilitated yield farming, allowing its customers to lend its $CEL tokens as collateral for other crypto initiatives. By doing so, they could get returns of up to 18%. It was like a bank with supercharged interest rates. Users could deposit their Bitcoin, Ethereum or Tether and receive huge weekly interest payments.
To date, however, Celsius’ customers aren’t as happy. “You bastards! Suspend all withdrawals for your own sake? I knew I should never have opened an account with you,” says a customer on Twitter who probably doesn’t feel as self-sufficient as expected. “You made a margin call on one of my loans. I would like to close the loan because I cannot pay the margin you need. You took custody of the money you lent me. Please let me know,” says another.
Celsius Network is having some issues. This morning, the London-based company issued a “Memo to its community”, stating that it is “suspending all withdrawals, exchanges and transfers between accounts” in order to “put Celsius in a better position to honor, over time, its withdrawal”. The $CEL fell 50% as a result, and there is speculation about solvency issues.
It’s a bit of a nightmare if you’ve just moved from compliance at a bank to a sales job in crypto, or – let’s say – if you’ve just left your job as a managing director at Citi to do something more exciting. in place.
Aslihan Denizkurdu belongs to the latter category. Until four months ago, Denizkurdu was managing director, COO and head of risk governance at Citi in New York, where she worked for 10 years before joining Celsius as COO in January. In her new role, Denizhurdu said she will focus on “positioning Celsius as a trusted and reliable service provider for its customers while continuously strengthening Celsius’ infrastructure as well as governance and management practices.” . Suddenly, that sounds like a big ask.
Denizhurdu and Tucker-Feltham aren’t the only ex-banker types to be found in Celsius. Chad Walls, a former precious metals trader at Crédit Agricole is in business development. Amir Ayalon, who was previously vice president of mergers and acquisitions at UBS, is responsible for business development.
Some former bank workers who joined Celsius Network didn’t stay long. In January 2022, Celsius proudly announced the arrival of Frank van Etten, former CEO of UBS, as Chief Investment Officer. Van Etten seems to have left a month later.
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