In a surprise move, Mustafa Kheriba, the Executive Chairman of Venomex, a UAE regulated crypto exchange and one of the initial investors and supporters of UAE based Venom Blockchain Foundation has resigned from his position at Venom Foundation.

Sources in the know confirmed this to LaraontheBlock, however Mr. Kheriba would not comment when asked about the reasons for resignation.

Prior to this in August 2023, the CEO of Venomex, Arshad Khan also resigned his position at the crypto exchange and is now a partner at UAE based Fils.

Venomex Limited is a Multilateral Trading Facility and Custodian, based in Abu Dhabi Global Market (ADGM) and received FSP from Financial Services Regulatory Authority of ADGM. Venomex as such became a regulated, crypto asset exchange and custodian in the region that focuses on institutional and retail investors. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has given FSP to establish and operate a full-fledged MTF and digital custodian.

In terms of Venom Foundation, its chairman and Co Founder Peter Knez the former CIO at BlackRock & ex Goldman Sachs executive has been active, recently speaking at the Genesis XBT event. The event brought together market-makers, VCs, and mining industry leaders in EMEA & CIS’s leading crypto gathering. According to Knez, “ It was a fantastic opportunity for the Venom team to connect, share, and learn in the vibrant hub of Dubai’s blockchain community!”

Venom Foundation earlier this year in January had launched in partnership with Iceburg Capital a $1 billion Venom Ventures Fund.

Venom Foundation, is a  Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM), and Iceberg Capital is an ADGM regulated investment manager. The Venom Ventures fund is a blockchain-agnostic fund that was targeting  innovative protocols and Web3 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi.

At the time the fund’s leadership team consisted of Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, but now given that Kheirba has resigned, it would seem he will no longer be involved in the fund as well.

Mustafa had served on the Board of Directors of several financial services and insurance companies prior to Venom Blockchain Foundation.

Venom Blockchain Foundation back in October 2022 became the first ADGM licensed crypto foundation to build a scalable blockchain platform. ADGM at the time stated, “Venom is on its way to developing an NFT marketplace, derivative exchange and fiat-backed stablecoin.”

Yet to date Venom Foundation’s only achievement was an MOU signed with the UAE Ministry of Climate Change and environment to launch the first blockchain enabled national system for carbon credits, as well as the launch of their testnet.

Venom Foundation also faced some challenges in 2023 with regards to one of its early investors Alibek Garcia Issaev, which is said to have involved a UAE court case against him.

Whatever the case, it seems Venom Foundation is facing big challenges when one of its early supporters and investors resigns.

The article was updated at 14:34 Monday 27th 2023.