Beleaguered Swiss Crypto Group Reels From Conflict Of Interest Allegations Among Execs

Dec 04, 2018 at 23:19

In the wake of governance issues, more than half of the members of Switzerland’s Crypto Valley Association (CVA) board have announced their decision to step down in January.

In a joint statement sent to CVA members, which a report cited, the board’s president Oliver Bussmann and three other members— namely vice-president Vasiliy Suvorov, the board’s secretary and treasurer René Hüssler, and Nicolas Schobinger – announced they will not be standing for reelection next month, Swissinfo reported.

All of them have been in the governing body since the establishment of the association in January of last year.

“After a rewarding two years, we feel it is best that the Association’s next phase of development is led with a renewed perspective,” the statement read.

“Having that in mind, we have made a decision several weeks ago not to seek re-election for our seats in the upcoming board elections scheduled for January 2019,” it added.

The announcement comes amid concerns about the future direction of development of the crypto sector in Switzerland after reports over governance issues and allegations of conflicts of interest within the leadership of the CVA.

This concern was raised particularly by CVA member Soren Fog last June, urging more accountability and an independent audit.

The proposed review is seen to address a need to adapt the structure of the association.

Created in January 2017, the CVA has seen a rapid expansion in membership which now stands at over 1,200, according to Bussmann.

“The CVA has recently consulted the association members regarding the governance review report. We will present the result and proposed changes in the General Assembly at the end of January 2019,” the official added.