In a significant leadership shake-up, Celyn Armstrong, General Counsel and Head of Compliance at Portofino Technology, has left the company, marking the latest in a string of senior executive departures. As the crypto market continues to navigate increasingly complex regulatory landscapes, Portofino is welcoming Dilan Bastin as its new Head of Compliance.
Celyn Armstrong, the General Counsel and Head of Compliance at crypto market maker Portofino Technologies, has left the company, marking the latest senior executive to depart.
Armstrong had worked for the firm for over three years, based in London. Prior to joining Portofino, he held roles at legal firms such as “Dentons” and “Linklaters”, as well as employment with the U.K.’s Financial Conduct Authority (FCA) for more than six years.
The departure of Armstrong follows that of Mark Blackborough, the company’s former Chief Financial Officer, who also recently left the business.
We’re grateful to Celyn Armstrong 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.
The company has welcomed Dilan Bastin as its new Head of Compliance, who brings invaluable expertise to the role as Portofino continues to scale responsibly across global markets.
Portofino Technologies raised $50 million in equity funding in late 2022. Founded by two former Citadel Securities leaders “Leonard Lancia” and “Alex Casimo” in 2021, the company has been exploring opportunities for growth, including plans to open new offices in New York and Singapore.
The company’s moves reflect the increasingly complex regulatory landscape of the crypto industry, with firms seeking experienced professionals to navigate these challenges.
Regulators worldwide are grappling with how to oversee the rapidly growing cryptocurrency market.
In 2020, the US introduced the Stablecoin Transparency Act, requiring stablecoins to register with the Financial Crimes Enforcement Network (FinCEN).
The European Union's Markets in Crypto-Assets (MiCA) regulation aims to standardize crypto rules across member states.
These efforts aim to balance innovation with investor protection and anti-money laundering concerns.
