FNG Exclusive… Crypto exchange operator Crypto.com’s plans to build out a new sports prediction markets brand, OG.com, has hit something of a speed bump. FNG has learned that Nick Lundgren, who was tapped just earlier this year to act as CEO of OG.com, has left the company.

Nick also resigned his position as Chief Legal Officer of Crypto.com, a role he filled since 2020. He led the company’s entrance into CFTC-regulated sports event contracts in 2024 as President of digital financial platform Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse and affiliate of Crypto.com. Nick also spearheaded Crypto.com as the industry leader in licenses and certifications and procured the acquisition of CDNA in 2022, the then-largest acquisition in crypto industry history.

We’d note that the prediction markets industry, and sports related event contracts traded on prediction markets in particular, have come under increased regulatory pressure in the US. A (rare) bipartisan Senate bill introduced last month is seeking to ban sports related Prediction Markets altogether. And derivatives markets regulator CFTC is locked in a battle with state regulators over who has jurisdiction to license and regulate prediction markets operators.

Nick posted the following note on LinkedIn regarding his decision to leave OG.com and Crypto.com.

I’ve recently informed Kris Marszalek of my decision to resign from my positions as Chief Legal Officer of Crypto.com and Chief Executive Officer of OG.com.

Since joining in 2020, it has been an incredible privilege to help build Crypto.com’s industry-leading regulatory resume from ground zero — securing the most comprehensive sets of licenses and registrations globally, including numerous firsts. I’m especially proud that Crypto.com was the only major crypto platform to navigate the challenging regulatory environment without facing SEC enforcement action or settlement.

Innovation has always been core to Crypto.com, and I’m grateful to have created and launched the world’s first CFTC-regulated sports prediction market and fastest growing financial service.

With 150+ million users and services available in more than 100 countries, Crypto.com is exceptionally positioned for continued growth. I have full confidence in our lean yet extremely competent legal team under the leadership of my partner-in-law and dear friend Chloe Yung .

Thank you Kris for the master class in business and the entire team for the opportunity to contribute to this remarkable journey. I remain an eternal optimist and a strong supporter of Crypto.com’s mission.