FCA-Regulated Portofino Technologies Faces Major Exodus Following Alex Casimo's Dismissal

Portofino Technologies, a Switzerland-based crypto market making firm approved by the Financial Conduct Authority (FCA) to serve institutional clients in the U.K., has experienced significant organizational turbulence over the past several months. The upheaval stems from the July termination of the firm’s co-founder and chief operating officer, Alex Casimo, along with CFO Jae Park, which set off a chain reaction of departures across the company.

Alex Casimo’s Departure Triggers Cascading Staff Turnover

The removal of Alex Casimo and Jae Park sparked immediate resignations from key personnel, including Vincent Prieur, head of strategy and operations, and Shane O’Callaghan, global head of business development. Beyond these executive departures, a substantial portion of the broader workforce followed suit. According to sources familiar with the situation, between 10 to 12 employees left or submitted their resignation notices following the two executives’ dismissal—representing approximately 30-40% of the firm’s total headcount at that time. This mass departure raised serious questions about the company’s stability and internal dynamics.

The firm moved relatively quickly to address the leadership vacuum, hiring Mark Blackborough as the new CFO and bringing on Olivier Sultan as a senior sales trader. In a statement, a Portofino spokesperson indicated that management had “made the decision to strengthen certain components of our leadership team to ensure we are best positioned to capitalize on what is projected to be a record year.” Currently, the company is actively recruiting to fill four open positions, and headcount levels have reportedly returned to pre-exodus numbers.

Alex Casimo’s Leadership Under Scrutiny

The circumstances surrounding Alex Casimo’s termination reveal deeper organizational concerns. Reviews on Glassdoor paint a critical picture of the workplace culture under his leadership, with employees describing a “toxic work environment” and characterizing the CEO as “inexperienced and volatile.” One review stated directly, “His decisions do not favor the business, only himself,” highlighting perceived conflicts between personal interests and organizational health.

This criticism stands in contrast to the company’s external ambitions. Portofino, which raised $50 million in equity funding in late 2022, was co-founded by Alex Casimo and Leonard Lancia, both former leaders at Citadel Securities. The firm’s FCA approval represented a significant achievement, signaling regulatory confidence in its institutional-focused business model. However, internal friction appears to have undermined this external credibility.

Industry Context and Broader Challenges

The Portofino situation reflects broader challenges within the cryptocurrency market infrastructure sector. Similar dynamics have emerged at other firms—Blockfills co-founder Nicholas Hammer recently stepped down as CEO of the crypto lender, which faced client pressures and ultimately froze deposits and withdrawals on February 11. The Chicago-based firm, which processed over $60 billion in trading volume during 2025, encountered difficulties amid wider market pressures and is reportedly seeking a buyer.

For Portofino Technologies, the resolution of its internal crisis and Alex Casimo’s departure may provide an opportunity to stabilize operations and rebuild trust with institutional partners. Whether the new leadership structure can restore confidence and execute on growth objectives remains to be seen in the months ahead.