The founder of the exchange is stepping down.
Dave Ripley will be Mr. Powell's replacement, according to the company. A replacement for Mr. Ripley will be found in the next few months. Mr. Powell will continue as chairman.
Mr. Powell was involved in a conflict with employees of the company after he posted inflammatory messages on the company's chat room. Those who disagreed with him were urged to leave the company. A few did.
The Treasury Department is looking into possible violations of U.S. sanctions. The New York Times reported in July that the department is going to fine the person.
Mr. Ripley, who joined the company after it acquired his start-up, was chosen after a thorough internal and external search. Mr. Powell was going to focus on the company's products, user experience and broader industry advocacy.
One of the first exchanges for investors to buy and sell digital assets was founded in 2011. The second-largest exchange in the United States is Coinbase. Mr. Powell said last year that he was going to take the company public.
Mr. Powell engaged in a lengthy discussion about whether women are inherently less intelligent than men after questioning the use of preferred pronouns.
The company culture document was released after some employees voiced complaints. Employees were told to stop working if they disagreed with the document. He returned the company to dictatorship after The Times reported on the internal conflict.
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