Ben Caselin, Vice President of Global Marketing and Communications has revealed that he has resigned from his position at AAX exchange following a suspension of activities in the exchange.
Caselin gave reasons why he had to leave the exchange and confirmed his resignation in a Twitter thread. The former executive said that he lost his relevance in his communication role because none of his proposed ideas were adopted.
Dear all, it’s true I have resigned from AAX. I did fight for the community but none of the initiatives we came up with were accepted. Any role I had left for communication became hollow.
1/4
— ₿en Caselin HODL (@BenCaselin) November 28, 2022
Caselin highlighted that he had a lot of trust for the exchange and used the platform to spread knowledge but the situation in the exchange is now handled with a lack of empathy and without clarity.
Caselin added that his family and friends that invested with AAX exchange are looking to him for help but he can’t do anything about the situation because the issue is with the founders and board to solve.
Despite the challenging situation in the exchange, Caselin still has faith that everything will be handled with good intentions even though the trust has been broken and the brand is no more rated highly.
AAX in the Face of Challenges
AAX is a crypto exchange platform that gives access to digital assets such as crypto for investors.
AAX exchange gave an announcement earlier in November that it was going to suspend operations due to a planned upgrade that was delayed by crypto market volatility. AAX gave the announcement shortly after FTX filed for bankruptcy in the U.S. In the update, AAX stated that it had no holdings with defunct FTX and any firms affiliated with it.
According to the announcement, the exchange said some users’ balance information was discovered to have been inappropriately stored in its system due to its third-party partners’ malfunction. In order to prevent such reoccurrence and prevent additional hazards, AAX said the technical team had to manually proofread and repair the system to assure the highest level of correctness for all users’ holdings, hence, the reason for withdrawal suspension.
AAX had promised to resume operations within 7-10 days but that promise has not been fulfilled as operations in the exchange have still not resumed.
AAX has since been receiving backlash from the online community since its announcement to suspend withdrawals and the subsequent resignation of Ben Caselin. The reactions from users seem reasonable as many claims to have lost funds when FTX suddenly collapsed.
The Twitter user @buythecow commented on Caselin’s post saying “I would like to compliment you on your diligence. This time I can’t trust Chinese businessmen any more.”
I would like to compliment you on your diligence. This time I can't trust Chinese businessmen any more. We want to keep the exchange afloat or debt-to-equity rather than liquidate it. You must stand with us as before.
— buythecow (@buythecow) November 28, 2022
