Zodia Markets CEO Usman Ahmad Departs as Institutional Crypto Efforts Continue; UAE Presence a Strategic Anchor

Usman Ahmad, co‑founder and long‑time CEO of Zodia Markets, has departed the firm, with co‑founder Nick Philpott named interim chief executive, according to a The Block report and company filings. The leadership change comes as Zodia remains focused on building out its institutional crypto services, including regulated offerings in the UAE and broader MENA region, where it has maintained a presence since late 2024.

Ahmad, who reportedly left the firm in early March, had led Zodia Markets since its inception in 2021, when the company launched as a joint venture between Standard Chartered’s venture arm SC Ventures and Hong Kong’s OSL Group. During his tenure, Zodia was positioned as an institutional‑grade crypto trading and investment platform offering over‑the‑counter brokerage, exchange services, and stablecoin‑powered liquidity.

Leadership Change and Strategic Backing

The shift in leadership comes as Standard Chartered, Zodia’s majority shareholder, continues to evolve its broader digital asset strategy. While the bank’s stake in Zodia was previously around 84%, it was reduced to approximately 60% following the startup’s latest funding round, which raised $18.25 million in a Series A led by Pharsalus Capital with participation from investors including Circle Ventures, The Operating Group, and others.

In recent months, Standard Chartered has also moved to bring more crypto features in‑house, including the roll‑out of a spot crypto trading desk and a newly launched custody unit under the bank’s brand, with plans for a full prime brokerage slated for this year.

Philpott, who previously served as head of partnerships, was listed as interim CEO on Zodia’s website and will steward the firm through its next phase while a search for a permanent successor is ongoing.

UAE and MENA Presence

While the leadership transition is new, Zodia’s presence in the Middle East is not. As part of its regulated build‑out, Zodia established a formal footprint in the Abu Dhabi Global Market (ADGM) in December 2024, securing a Financial Services Permission to operate a regulated virtual asset brokerage in the UAE. This entity, Zodia Markets (AME) Limited, has been central to the firm’s regional strategy, offering institutional clients access to regulated trading services.

Zodia also co‑founded ZMG7 LLC with Abu Dhabi‑based partners to support the development of digital‑asset infrastructure in the region, and partnered with CoinMENA to enhance fiat‑to‑crypto liquidity for GCC and global currencies. Senior executives, including co‑founders, have maintained operational ties to the UAE to support these efforts. These regional developments provide an important contextual backdrop for the leadership shift rather than signaling a new market entry.

Institutional Context and Strategic Significance

Under Ahmad’s leadership, Zodia expanded its platform to support more than 20 fiat currencies and 70 digital assets, with a focus on stablecoin settlement, cross‑border institutional flows, and liquidity services. The company’s Series A funding was explicitly aimed at fueling international expansion and stablecoin‑enabled institutional trading.

The broader institutional crypto landscape has also been evolving, with regulated exchanges, bank‑backed ventures, and major financial firms increasingly building out custody, trading, and prime services. In this context, analysts view the leadership transition as reflective of the next phase of a bank‑backed project’s evolution, from founding build‑out to operational scaling against a backdrop of maturing regulation.

In the UAE, regulatory authorities such as ADGM and Dubai’s Virtual Assets Regulatory Authority (VARA) have continued to strengthen their digital asset frameworks, drawing licensed entities and institutional activity to the region and underscoring its role as a strategic hub for regulated crypto services.

Ahmad’s departure marks the end of a foundational chapter for Zodia Markets. However, with its established UAE presence, diversified investor backing, and ongoing institutional product initiatives, the firm appears positioned to continue its push into regulated institutional markets under interim leadership while searching for a permanent CEO.