BitGo, a major digital asset custodian and security company, has hired a former Coinbase compliance manager.
Jeff Horowitz, Coinbase’s former Chief Compliance Officer, will join BitGo as the new Chief Compliance Officer, the company announced Jan. 13. Horowitz joins BitGo after the same position with Coinbase since July 2018.
The new CEO will replace BitGo’s former CCO Matt Parrella and will oversee the company’s compliance and anti-money laundering programs to ensure compliance and legal requirements.
Horowitz told Cointelegraph that one of the biggest compliance challenges in serving institutional clients in crypto is navigating the complex and evolving regulatory landscape. He said BitGo expects more clarity on regulations from global financial authorities:
“We believe that as the crypto industry matures, we will gain greater regulatory clarity at every level, including national, federal and international policies and regulations.”
Horowitz is a former member of major compliance groups such as the Large Firm Advisory Committee of the Financial Industry Regulatory Authority and the Bank Secrecy Act Advisory Group of the United States Treasury. He is also a former co-chair of the AML Committee of the Securities Industry and Financial Markets Association. Prior to joining Coinbase, Jeff worked at Pershing clearinghouse for more than 12 years and held compliance roles at companies such as Citigroup, Goldman Sachs and Salomon Brothers.
BitGo CEO Mike Belshe said Horowitz’s experience will help the company gain traction in new markets and expand its product offering. “As we move into the new year, we will get more clarity on digital asset regulations at home and abroad,” said Belshe.
The new hiring comes shortly after BitGo settled with the US Treasury about charges that the company facilitated users in sanctioned areas to transact using its crypto wallet services between 2015 and 2019. The news came shortly after BitGo announced that its digital custody service reached $ 16 billion in assets on December 24.