FaZe Clan CEO Banks resigns amid crypto scam allegations
Faze Clan founder and CEO Richard โBanksโ Bengston has officially stepped down from his role. This follows a growing backlash over his links to a new meme cryptocurrency called MLG Coin, which is now at the centre of a major crypto controversy.
Banks was accused of working with streamer Adin Ross to pump the coinโs price before selling it off; an act known as โpump and dump.โ
Banks, Ross, and a few FaZe members promoted the coin early in 2025, which boosted the market gap from $3 million to over $166 million by mid-January. Soon after, the value collapsed to a current market cap of $13 million, which fans claimed was โruggedโ as they now hold worthless tokens.
Leaked chats between the two sparked major concerns across the esports and crypto spaces. However, Banks has strongly denied any of the allegations. โIโve never scammed anyone a day in my f****g lifeโฆSucks my entire life gets ruined over something I didnโt even do,โ he shared in a statement posted on his X (formerly Twitter) account.
He also admitted the backlash had taken a toll on his mental health and that stepping down from FaZe and the internet is his best choice. At the time of the writing, FaZe has not yet named a new CEO.
