Bitfinex has announced the addition of economic crime prevention expert Peter Warrack as its Chief Compliance Officer.

Warrack joins Bitfinex with thirty years’ experience in military intelligence, law enforcement, and banking intelligence. Currently, Warrack is an instructor and board member of the Canadian Institute for Financial Crime Analysis (CIFCA). The author of a number of articles on economic crime prevention, Warrack is the winner of the CAMS AML Professional of the Year Award in the years 2011 and 2017.

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According to the blog post announcing Warrack’s arrival, “Warrack’s appointment as Bitfinex CCO is intended to furnish us with the expertise and experience required to ensure that we continue to meet all relevant regulatory compliance standards.”

We are pleased to welcome Peter Warrack, Chief Compliance Officer, to our growing team. https://t.co/4qTmhXwHsz

— Bitfinex (@bitfinex) May 7, 2018

Bitfinex Expands Services, But a Dark Shadow Still Looms

Warrack’s appointment comes amidst a larger expansion of Bitfinex’s products and services. The exchange has recently announced a partnership with trade surveillance platform Irisium. Within the last several weeks, the exchange has also added trading options for Aragon, Mithril, Dether, Storj, Stellar Lumens, and Verge. In mid-April, Bitfinex announced that it would fully support the EOS MainNet Token Swap.

Bitfinex & Irisium collaborate to improve digital asset market integrity. https://t.co/JidTZXwa7v

— Bitfinex (@bitfinex) March 14, 2018

The addition of Warrack to Bitfinex’s operations is a positive sign that the exchange may be taking steps toward becoming more transparent in its operations. Bitfinex’s chronic lack of a professional audit has caused the exchange to become the target of much scrutiny within the crypto community and beyond.

Bitfinex’s lack of transparency has caused the emergence of reports linking the exchange’s shadowy aspects to illegal drugs and human trafficking. Close links between Bitfinex and the pegged currency ‘Tether’ have led many in the crypto community to theorize that the exchange is committing large-scale financial fraud.

We can hope that the addition of Warrack to the exchange will provide Bitfinex users with a greater sense of security and trust for the platform.