Ayyar, who is Luno’s vice president of corporate development and international, resigned from the firm after seven years working there, he told CNBC Tuesday.

It comes after the company, which is owned by Digital Currency Group, announced the closure of its operation in Singapore, where Ayyar is based.

Ayyar said the move was not related to Luno’s decision to exit Singapore, however, and that he quit to join another company in the crypto and Web3 space. Ayyar did not disclose which company he is joining next.