Celyn Armstrong, general counsel and head of compliance at crypto market maker Portofino Technologies, is the latest senior member of staff to leave the firm.

He follows Mark Blackborough, the company's former chief financial officer, who also recently left the business.

"We’re grateful to Celyn for his pivotal role in building Portofino’s regulatory and compliance infrastructure. His leadership helped us obtain key licenses and establish the strong controls that underpin our operations today," a Portofino spokesperson said in emailed comments.

"We’re also pleased to welcome Dilan Bastin as our new head of compliance — her expertise will be invaluable as we continue to scale responsibly across global markets."

Armstrong, who was based in London and had worked for the crypto trading firm for three years, declined to comment.

Prior to joining Portofino he worked for legal firms including Dentons and Linklaters. He was also employed by the U.K.'s financial services regulator, the Financial Conduct Authority (FCA), for more than six years, according to his LinkedIn profile.

In addition to Armstrong and Blackborough, Cristian Dinu, a quantitative developer, also recently left the firm to join rival market maker Optiver, according to his LinkedIn profile.

The Swiss company told CoinDesk last month that it was exploring opening new offices in New York and Singapore.

Portofino raised $50 million in equity funding in late 2022. It was founded by two former Citadel Securities leaders Leonard Lancia and Alex Casimo in 2021.

Read more: Crypto Market Maker Portofino Technologies Has Big Plans For 2025

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