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(Reuters) –     Crypto exchange Kraken said on Wednesday Chief Operating Officer Dave Ripley would replace top boss Jesse Powell, who is stepping down after more than a decade at the helm.

Ripley, who joined Kraken in 2016 when it bought his startup Glidera Inc, will take on the chief executive’s role after the co*pany finds a new COO, Kraken said.

Powell will beco*e chairman of Kraken’s board, the co*pany added.

Earlier this year, the outgoing CEO drew criticism when the co*pany refused to block accounts of Russian users, following the country’s invasion of Ukraine, citing the “libertarian values” of cryptocurrencies as one of the major reasons behind the decision.

The co*pany has over 9 million clients, according to its website, and processes over $207 billion worth of trades every quarter.

(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)