The board of directors of Ledger Holdings, Inc., parent company to LedgerX, announced that co-founders Paul and Juthica Chou have been placed on administrative exit, effective immediately.

In a Dec. 9 press release, the Bitcoin (BTC) derivatives exchange LedgerX explained that the two executives will be replaced by Larry Eastward. Thompson every bit acting primary executive officer and lead director of Ledger Holdings. Thompson brings with him the experience of a xxx-twelvemonth career on Wall Street.

It remains unclear why the board of directors have decided to place both executives on authoritative leave. However, Juthica Chou, took to Twitter where she said that no real reasons have been given, except that they "had long-lasting disagreements with the board about the vision and direction of the business organization."

Controversy betwixt LedgerX and the CFTC

At the start of Baronial, the United States Commodity Futures Trading Commission (CFTC) reportedly stated that LedgerX's physically-settled bitcoin futures product were non all the same approved by the Committee. LedgerX said on July 31 that its physical futures offering went live on its Omni trading platform.

However, the CFTC suggested that this could not have occurred. Derivative specialist Thomas 1000. Thompson pointed out at the fourth dimension that "the CFTC does not testify any futures contracts certified by" the house. On the aforementioned day Paul Chou took to Twitter to take aim at the CFTC in several expletive-laden tweets.

In September, a controversy involving the CFTC was sparked by LedgerX's claim that the agency'south former chairman, Christopher Giancarlo, obstructed the approving of its amended Derivatives Clearing Organization registration because of personal bias against LedgerX CEO Paul Chou.