Kraken's Singapore GM Exits

Jakub Zakrzewski, Kraken's general manager in Singapore, is leaving his role at the digital asset exchange after three years at the company in various MD and GM roles.

After five years in Singapore, Zakrzewski said he is also leaving the country, according to a post on LinkedIn on Wednesday. He arrived in 2017 as general manager of Revolut, helped launch the fintech in the city-state. He then took up the role of head of growth, Singapore/APAC, until January 2020, when he joined Kraken as managing director, international growth.

His previous stint in Singapore, from 2013 to 2015, was with online retailer Lazada, where he led digital marketing.

"It is unimaginable how much Singapore helped me grow. It sets the bar high for any other country in the world and it truly is the future happening in front of our eyes. It operates just like a well-run tech company, with a digital-first approach and a winning strategy executed with speed," Zakrzewski said on LinkedIn.

According to his LinkedIn profile, Zakrzewski left Kraken in December 2022. He said he is currently focusing on angel investments and venture building advisory for early-stage startups in fintech, crypto, and other fields.

Problems mount

His exit comes amid news that Kraken is shuttering its operations in Japan, citing efforts to prioritize resources. In December 2022, the San Francisco-headquartered firm announced plans to cut 30% of its global workforce, or about 1,100 people. It is not clear if Zakrzewski was among the cuts.

Kraken CEO Jesse Powell said that the company initially tripled its workforce due to the booming crypto ecosystem during the bull market, but the current job cuts means that the company’s headcount will return to where it was 12 months ago.

Powell is also set to be succeeded by chief operating officer David Ripley, with the former to become the crypto exchange’s board chairman.

More recently, Kraken was under investigation for securities violations in relation to its staking program, which has been running since 2019. Earlier this month, the crypto exchange said it would “immediately” end crypto staking for U.S. customers, and will also pay a US$30 million fine to settle Securities and Exchange Commission (SEC) charges that it offered unregistered securities via this program.

Blockhead has reached out to Zakrzewski for comments.

Related: Staking, Securities & Enforcement