Capital.com’s CEO Jon Squires has resigned from the broker and its sister company, crypto exchange Currency.com. The resignation comes as something of a surprise given that Capital.com had been expanding its headcount, and its business.
As we reported in February Capital.com had recently hired industry veteran Kypros Zoumidou to bolster its management team. Kypros Zoumidou taking up the role of MD at Capital.com’s UK business.
- Further reading: Capital.com reviewed by experts.
Viktor Prokopenya has been appointed as the interim CEO of the group, whilst they search for a replacement.
Jon Squires joined Capital.com from Exness in 2020 after a long career in online marketing, however, he had previously worked in the media and gambling sectors and therefore wasn’t a traditional financial services insider.
The new incumbent could have their work cut out for them, however, following the equity market sell-off and the collapse in the value of several leading cryptocurrencies and popular tokens.
All of which are likely to have dented the coffers and risk appetites of retail traders, who are the firm’s bread and butter customers.
Replicating the growth numbers the firm reported in February this year, which included a +388% growth in clients numbers, alongside notational trade values of $565.0 billion, will be an uphill struggle in the current climate, though the group’s enlarged geographical footprint may help in that respect.