Inside Portofino Technologies: How Alex Casimo's Firing Triggered a Staff Crisis

The summer of 2024 marked a turning point for Portofino Technologies, the Switzerland-based cryptocurrency market making firm that had recently secured approval from the Financial Conduct Authority (FCA) to serve institutional clients in the U.K. What began as the termination of two senior executives—co-founder and COO Alex Casimo and CFO Jae Park—quickly unraveled into an organizational crisis, with roughly 30-40% of the company’s workforce departing over the following weeks.

The Cascade Effect: When Leadership Changes Trigger Mass Resignations

The dismissals in July were just the beginning. Following the ouster of Casimo and Park, the company witnessed a significant wave of departures that extended well beyond the immediate impact of those two terminations. Vincent Prieur, who held the position of head of strategy and operations, and Shane O’Callaghan, serving as global head of business development, submitted their resignations. Combined with the departures of numerous other staff members, between 10 and 12 people either left Portofino or were working out their notice periods during this turbulent period.

For a company of Portofino’s size at that moment, losing 30-40% of its workforce represented a critical blow to operational continuity. The scale of the exodus raised questions about underlying organizational issues that went beyond simple management changes.

Rebuilding the Leadership Team

In an effort to stabilize operations and position the firm for the coming year, Portofino moved swiftly to fill leadership vacancies. Mark Blackborough was appointed as the new Chief Financial Officer, while Olivier Sultan joined the company as a senior sales trader. These hires were part of a broader initiative to strengthen the firm’s senior management structure.

“Portofino made the decision to strengthen certain components of our leadership team to ensure we are best positioned to capitalize on what is projected to be a record year,” a company spokesperson stated. The firm has remained active in recruitment efforts, with four open positions currently advertised. According to the spokesperson, the company’s headcount has since returned to pre-crisis levels from the summer.

The Broader Context: Portofino’s Brief Rise

Understanding the significance of this organizational upheaval requires context about the company’s trajectory. Portofino was founded in 2021 by Leonard Lancia and Alex Casimo, both veterans of Citadel Securities—one of the world’s most prominent market-making operations. The company raised $50 million in equity funding in late 2022, positioning itself as a serious player in the emerging institutional crypto infrastructure space.

The FCA approval granted earlier in the year was meant to validate Portofino’s compliance framework and open institutional market access in the U.K. Yet internal leadership challenges threatened to undermine these regulatory and strategic achievements.

Internal Culture Issues and Leadership Concerns

Beyond the headline staff departures, deeper concerns about Portofino’s workplace culture have surfaced publicly. On Glassdoor, the jobs and recruitment marketplace where employees can anonymously review companies, the firm has attracted criticism regarding its internal environment.

“The CEO is inexperienced and volatile. His decisions do not favor the business, only himself,” reads one review. Other comments reference a “toxic work environment,” suggesting that workplace challenges extend beyond the surface-level departures. These characterizations point to questions about leadership stability and decision-making patterns at the executive level, factors that likely contributed to the mid-year resignations among senior management.

Looking Ahead: Stability or Continued Turbulence?

As of early 2025, Portofino Technologies has ostensibly stabilized its workforce and continues to pursue its institutional market positioning. Yet the scale and speed of the summer departures, combined with public criticism about leadership style and workplace culture, raise questions about whether the organizational challenges have been truly resolved or merely papered over with new hires.

The market making industry is highly competitive, and retaining talent—especially in senior roles responsible for strategy and client relations—is critical to long-term success. For Portofino to move beyond the crisis triggered by Alex Casimo’s departure and the subsequent leadership vacuum, the company will need to demonstrate sustained organizational health and transparent management practices.