Backpack Exchange, a fully regulated global cryptocurrency exchange, has announced the appointment of Laurence King as its Head of Audit. This move emphasizes the exchange’s dedication to transparency and audit integrity across its global operations.
With almost 30 years of experience in leading audit and risk functions at global financial institutions, King most recently served as Head of Audit for Citibank in various APAC countries. He also held the position of Citibank’s APAC Head of Regulatory Engagement, overseeing regulatory audits for Citibank with various regulators in the APAC region. Prior to his time at Citibank, King held senior management roles at other financial institutions, including Morgan Stanley, Deutsche Bank, and JP Morgan Chase. His extensive experience includes overseeing complex audit processes, implementing compliance frameworks, and ensuring operational transparency at leading financial institutions worldwide.
At Backpack Exchange, King will utilize his decades of experience to lead the development of a world-class internal audit function and oversee global audit processes. This will ensure Backpack’s compliance with stringent regulatory requirements across different jurisdictions and enhance transparency for users. Additionally, King aims to set new industry standards for audit practices.
Armani Ferrante, CEO of Backpack Exchange, said, “As we have seen in the past few years, inadequate internal controls at centralized crypto exchanges have resulted in significant failures, holding back our industry from gaining user trust and going mainstream. At Backpack, our mission is to build a crypto exchange that sets new standards for transparency, auditability, and accountability. Laurence’s appointment demonstrates that we’re committed to moving towards this goal.”
King adds, “I am thrilled to join Backpack at this pivotal moment in its journey. The digital asset space holds tremendous potential, but it has often been marred by a lack of robust audit practices and controls. Despite having only launched in November 2023, Backpack has already demonstrated a strong commitment to compliance and accountability, and I am excited to spearhead its efforts to build out our global audit and compliance frameworks, and help enhance integrity and transparency in the cryptocurrency industry.”