Crypto trading platform Backpack has appointed Laurence King, a banking veteran, as its new head of audit to strengthen the exchange’s commitment to transparency and audit integrity. King brings nearly 30 years of experience, having led audit and risk functions at Citibank across various APAC regions. His extensive career also includes executive roles at Morgan Stanley, Deutsche Bank, and JP Morgan Chase.
With King joining the team, Backpack aims to comply with rigorous regulatory standards across jurisdictions, enhance transparency for users, and establish new industry audit benchmarks.
“Despite our launch in November 2023, Backpack has shown a strong commitment to compliance and accountability,” said Laurence King.
Backpack CEO Armani Ferrante highlighted King’s appointment, citing concerns over inadequate internal controls at centralized crypto exchanges and emphasizing the need for new standards in transparency, auditability, and accountability. Ferrante, a former Alameda Research employee, co-founded Backpack in 2023 with backing from Placeholder VC, Hashed, Robot Ventures, Amber Group, Wintermute, and Selini. Co-founder Can Sun, previously with FTX as general counsel, brings further expertise to the team.