Coinbase, the leading cryptocurrency exchange, has just strengthened its top team by adding a new Chief Compliance Officer, Jeff Horowitz. A compliance officer would be a key for the company as it is expanding its operations beyond the crypto exchange namely Custody, Asset management, and Political Action Committee, and it seems Jeff is the right candidate for it.
Horowitz an experienced candidate with the strong profile
Jeff Horowitz seems to be a really strong candidate as far as his experience and knowledge are concerned. For the past three years, Jeff served as Pershing’s managing director and global head of compliance, overseeing its regulatory and compliance programs.
Proud to welcome our new Chief Compliance Officer, Jeff Horowitz. Jeff’s experience in financial services and policy will be invaluable as we expand into new markets and continue toward our goal of being the most trusted and compliant crypto company.https://t.co/o5aYUjRuqT
— Coinbase (@coinbase) July 31, 2018
Prior to this role, Jeff was the firm’s chief compliance officer and global head of anti-money laundering (AML) and compliance programs. Before joining Pershing, Jeff led various compliance and AML programs at Citigroup, Goldman Sachs, and Salomon Brothers. He previously served as a banking regulator with the Federal Deposit Insurance Corporation (FDIC), along with twice serving as a member of FinCEN’s Bank Secrecy Act Advisory Group (BSAAG).
Jeff also actively helps shape regulation and industry best practices through his roles on numerous industry and regulatory committees. These include the Security Industry and Financial Markets Association’s (SIFMA) Compliance and Regulatory Policy Committee, and the Financial Industry Regulatory Authority’s (FINRA) Compliance and Advisory Committee. His experience in managing matters related to broker-dealer regulation, asset custodianship, and AML programs makes him a uniquely qualified leader for our compliance team.
Manage previous compliance pain points, handle media and manage new businesses, an uphill task awaits Jeff Horowitz in his new assignment
It seems Jeff would be taking a charge of Compliance which was currently managed by Mike Lempres, exchanges chief legal and risk officer. Previously this role was managed by Martine Niejadlik who was the inaugural chief compliance officer (CCO), who was A former senior director at eBay and PayPal and senior manager of fraud prevention at Amazon.
Coming from a non-crypto industry, it will take some time for Jeff Horowitz to get used to the tech, a problem which even Niejadlik faced. According to Niejadlik, as was reported by media, the biggest challenges of overseeing compliance at Coinbase, she believes, was the difficulty that comes with fitting bitcoin into existing regulations- A task Jeff Horowitz would also have in his hand as things are still unclear regarding the regulation of cryptocurrencies.
Besides, this getting a business partnership with compliance companies such as auditors and banking partners still hesitate to take up cryptocurrency assignments.
Managing media too would be difficult as controversies regarding cryptocurrencies keep arising. Also, the statement company releases have to carefully frame keeping in mind the compliance aspect.
His task multiples compared to other people who held his position as he has to strike a balance between the previous compliances and the new businesses.
Jeff Horowitz has the credentials and capabilities of managing the role, profile, and expectations of Coinbase. Now its time for him to bring it to action.
Will Jeff Horwitz be able to deliver for Coinbase? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.