FNG Exclusive… FNG has learned that Jon Squires has resigned his position as CEO at both Retail FX/CFDs broker Capital.com, and at crypto exchange Currency.com. Both Capital.com and Currency.com are controlled by British tech entrepreneur Victor Prokopenya.

The move comes after Capital.com hired Joe Rundle, former Markets.com CEO, with the title “Chief of Staff” earlier this year. However it appears that Mr. Rundle will not be taking over as CEO. The Board of Directors has appointed Viktor Prokopenya as interim Group CEO, while according to the company “the process of recruiting a successor who can lead the company on its continued growth journey has already begun”.

Jon Squires was brought in to be CEO of Capital.com and Currency.com in 2020, after serving as Chief Digital Officer at Exness. Prior to moving to Cyprus in 2018 to join Exness he spent more than 15 years in online marketing, also acting as the CEO of a large marketing company in the Pokerstars group with a $9 billion market cap. He has worked at a senior level in companies such as GlobalData (AIM:DATA), Trinity Mirror Digital (now LSE:RCH) and The Stars Group (TSGE:TSI). Jon Squires has an MBA from INSEAD, Paris, and LLB/BA from UWE, Bristol and Johannes Gutenberg Universitaet, Mainz.

Capital.com operates several licensed subsidiaries in the UK, Australia, and Cyprus. Under Mr. Squires’ leadership the brand grew quite well, hitting $90 billion in monthly trading volumes in Q1-2022, up 36% QoQ. In 2021, Currency.com’s global exchange saw overall trading activity increase by 445% from a year earlier. Over the same period, total trades executed on the crypto exchange climbed by 409%.

Jon Squires said to FNG regarding his departure:

“I have decided to leave Capital.com because I believe the Group is ready for its next phase of growth. In just three short years, we have seen the Group grow significantly. It is fair to say that Capital.com is no longer a startup or even a scaleup. As is the case with all successful startups, they travel a distinct journey and each stage requires somewhat different skills. I am deeply honoured for the opportunity to serve as Capital.com’s Group CEO.”

Viktor Prokopenya added:

“On behalf of the Board, I want to thank Jonathan for his leadership and commitment to Capital.com these past three years. Jonathan has contributed significantly in taking the company to its current strong position and we will continue to build on this as we grow further.”

Mr. Squires also posted the following note today on social media regarding his departure from the companies:

May 31 will be my last day with Currency.com and Capital.com, two incredible groups filled with superb people and brilliant tech.

The groups have changed significantly since I joined in January 2020. We’ve been through a lot together, we’ve grown massively (40x!!) and we’ve gone from being a challenger to being a leading rival in the sector. Rather than just being present in Cyprus, the UK and Gibraltar, we’re also now in Melbourne, New York, Singapore, Warsaw, Vilnius and we’ll soon be back to Kyiv.

Thank you to everyone who has put in those long days and responded to urgent requests. This list isn’t nearly exhaustive, but I can as a minimum name Valentina Rzheutskaya, Tarso Theophanous, Ariel Segev, Christoforos Soutzis, Yury, Dmitry Ogievich, Steve Gregory, Laura Lin, Kypros Zoumidou, Vasili, Ilya, Alida Cesani, Chartered MCIPD and of course Viktor Prokopenya. I have complete faith that the group will continue its remarkable growth and will always deliver a unique environment for people to develop themselves.

Thank you to everyone for the opportunity to be your CEO, and thank you for your support and trust.