Sean Neville, who served as Co-CEO of Circle for five years, said in a company email that he felt it an “appropriate” time for the transition in leadership. Neville will be stepping down from his post by the end of this month, as reported by CoinDesk.
Sean Neville did not reveal any reason for his exit.
The co-founder of the company did not reveal any specific reason as to why he is stepping down from his position. However, he said that the company’s recent sale of the Poloniex crypto exchange was among many other factors that led to his decision to step down from the executive position. He also intends to take a sabbatical after leaving his Co-Ceo post.
Circle was the first company to receive a BitLicense.
Circle, a peer-to-peer payment technology company, was the first company to receive a BitLicense from the New York Department of Financial Services in 2015. Earlier this year, the exchange announced that it would be moving the majority of its exchange operations overseas. Circle had received a Digital Assets Business Act license in Bermuda for its exchange Poloniex, but the company sold the exchange to a group of investors, which included Tron’s Justin Sun.