Portofino Technologies, a cryptocurrency market-making company, received approval from the UK Financial Conduct Authority (FCA) earlier this year to provide services to institutional cryptocurrency clients in the UK. In recent months, the company has experienced significant employee turnover due to the dismissal of its co-founders and CFO.

In July, Portofino's COO and co-founder Alex Casimo and CFO Jae Park were both dismissed, which led to the resignation of strategic and operational director Vincent Prieur, global business development director Shane O'Callaghan, and a large number of employees. According to insiders, since the dismissal of these two executives, 10 to 12 people have left or are currently serving, accounting for 30%-40% of the total number of employees at that time.