Alex Casimo's Exit from Portofino Triggers Widespread Staff Turnover at FCA-Regulated Crypto Firm

When Portofino Technologies removed co-founder and COO Alex Casimo along with CFO Jae Park from their positions in July, few anticipated the scale of the upheaval that would follow. The Switzerland-based crypto market maker, which had recently won FCA approval to serve U.K. institutional clients, found itself in the midst of a significant leadership and staffing crisis within weeks.

The Exodus: How Quickly a Team Can Unravel

The departure of Alex Casimo and Jae Park sparked an immediate wave of resignations from other senior figures. Vincent Prieur, the head of strategy and operations, and Shane O’Callaghan, the global head of business development, both stepped down following the firings. Beyond these high-profile exits, a broader wave of departures swept through the firm—between 10 and 12 employees left or began serving out their notice periods in the aftermath, representing approximately 30-40% of Portofino’s headcount at the time.

The rapid turnover forced management into recovery mode. Within weeks of the departures, Portofino announced new hires: Mark Blackborough as the replacement CFO and Olivier Sultan in a senior sales trader capacity. According to company representatives, these moves were designed 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.”

Rebuilding Momentum: Current State of Play

Since the dust settled, Portofino has launched an aggressive recruiting campaign, with four open positions currently advertised. The company claims its headcount has returned to summer levels, suggesting the bleeding has stopped. However, the damage to internal morale may take longer to repair than the hiring process itself.

The Deeper Issue: Culture Under Scrutiny

Beyond the numbers and job titles, Glassdoor reviews paint a more troubling picture of Portofino’s internal environment. Employee feedback describes what some characterize as a “toxic work environment,” with particular criticism directed at CEO Leonard Lancia—one of two Citadel Securities veterans who co-founded Portofino in 2021 (alongside Alex Casimo). One review states: “The CEO is inexperienced and volatile. His decisions do not favor the business, only himself.”

For a firm that raised $50 million in equity funding in late 2022 and secured prestigious FCA regulatory approval, such internal turmoil raises questions about leadership stability and workplace culture. The question now facing investors and remaining staff: can Portofino rebuild trust and momentum after Alex Casimo’s removal, or will this become the beginning of a longer institutional decline?