Position of Chief Compliance Officer introduced by Coinbase
The famous cryptocurrency trading platform in the world Coinbase is trying its best to ensure legitimization of crypto instruments. It is on its way to becoming a licensed broker-dealer in the U.S. Now, it has planned to introduce a position of a chief compliance officer.
As per the announcement of San Francisco-based start-up, Coinbase will introduce a position of a chief compliance officer and Jeff Horowitz, who has immense experience in working for banks and regulatory bodies, is to become the first-ever Crypto Compliance Chief.
The move will help Coinbase to build a more positive image of the asset class in the eyes of regulators and serious institutional investors who are nowadays gradually beginning to show their interest to the crypto world.
In the company’s official blog post, Asiff Hirji, Coinbase President and Chief Operating Officer, commented this appointment the following way:
“As Coinbase — along with the cryptocurrency space as a whole — grows and matures, continued regulatory compliance across all the varying jurisdictions globally will be critical. Adding Jeff to our team is one more important step along this journey.”
Jeff Horowitz served as a managing director and global head of compliance at Pershing, which is a subsidiary of BNY Mellon. The company is specialized in brokerage custody, clearing and settlement. He has worked for Pershing for 12 years and has also worked for some major organizations as Citigroup, Goldman Sachs and Federal Deposit Insurance Corporation. He has dealt with anti-money laundering policies and other kinds of compliance programs.
Mr. Horowitz has also gained experience in development of financial regulations in the U.S owing to his cooperation with industry associations such as the Financial Crimes Enforcement Network and the Financial Industry Regulatory Authority (FINRA).
Coinbase is focused on providing competitive products for institutional investors as well as on expanding its geography and range of services. It has been seriously working on the issues of legitimization of crypto assets.
Recently, Coinbase launched its own political action committee (PAC) to engage policymakers of the United States to the crypto industry. The platform was developed with hopes that an established dialogue with the politicians who have real influence can help change the general attitude to crypto assets and minimize the level of uncertainty around them caused by the regulatory issues.
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