Bitfinex Welcomes Financial Crime Prevention Expert as Chief Compliance Officer
- The move could be a signal that Bitfinex is planning on becoming more transparent.
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.
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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term 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 Mainnet A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full capacity. A testnet is used by programmers and developers to test and troubleshoot all aspects and features of a blockchain network before they are sure the system is secure and ready for the mainnet launch.How ICOs Help Sculpt the MainnetPrior to the mainnet of a blockchain is launched, project’s team will install an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or other strategies to help levy funds and grow community support. Traditionally, collected funds injected into the project in a bid to develop the prototypes of the blockchain network that are then tested during the testnet phase. Migration onto the mainnet from the testnet is an act that must be undertaken with great care. Errors in this process can result in a partial or complete loss of funds from the network.The eventual mainnet launch is a key milestone in a cryptocurrency’s lifecycle. The launch of the mainnet signifies the moment that a cryptocurrency network is ready to begin acting as a system of value transmission, and has the potential to grow its adoption.Some of the most significant mainnet launches that occurred in 2018 include the Tron network and the EOS network. A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full capacity. A testnet is used by programmers and developers to test and troubleshoot all aspects and features of a blockchain network before they are sure the system is secure and ready for the mainnet launch.How ICOs Help Sculpt the MainnetPrior to the mainnet of a blockchain is launched, project’s team will install an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or other strategies to help levy funds and grow community support. Traditionally, collected funds injected into the project in a bid to develop the prototypes of the blockchain network that are then tested during the testnet phase. Migration onto the mainnet from the testnet is an act that must be undertaken with great care. Errors in this process can result in a partial or complete loss of funds from the network.The eventual mainnet launch is a key milestone in a cryptocurrency’s lifecycle. The launch of the mainnet signifies the moment that a cryptocurrency network is ready to begin acting as a system of value transmission, and has the potential to grow its adoption.Some of the most significant mainnet launches that occurred in 2018 include the Tron network and the EOS network. Read this Term 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.
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.
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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term 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 Mainnet A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full capacity. A testnet is used by programmers and developers to test and troubleshoot all aspects and features of a blockchain network before they are sure the system is secure and ready for the mainnet launch.How ICOs Help Sculpt the MainnetPrior to the mainnet of a blockchain is launched, project’s team will install an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or other strategies to help levy funds and grow community support. Traditionally, collected funds injected into the project in a bid to develop the prototypes of the blockchain network that are then tested during the testnet phase. Migration onto the mainnet from the testnet is an act that must be undertaken with great care. Errors in this process can result in a partial or complete loss of funds from the network.The eventual mainnet launch is a key milestone in a cryptocurrency’s lifecycle. The launch of the mainnet signifies the moment that a cryptocurrency network is ready to begin acting as a system of value transmission, and has the potential to grow its adoption.Some of the most significant mainnet launches that occurred in 2018 include the Tron network and the EOS network. A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full capacity. A testnet is used by programmers and developers to test and troubleshoot all aspects and features of a blockchain network before they are sure the system is secure and ready for the mainnet launch.How ICOs Help Sculpt the MainnetPrior to the mainnet of a blockchain is launched, project’s team will install an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or other strategies to help levy funds and grow community support. Traditionally, collected funds injected into the project in a bid to develop the prototypes of the blockchain network that are then tested during the testnet phase. Migration onto the mainnet from the testnet is an act that must be undertaken with great care. Errors in this process can result in a partial or complete loss of funds from the network.The eventual mainnet launch is a key milestone in a cryptocurrency’s lifecycle. The launch of the mainnet signifies the moment that a cryptocurrency network is ready to begin acting as a system of value transmission, and has the potential to grow its adoption.Some of the most significant mainnet launches that occurred in 2018 include the Tron network and the EOS network. Read this Term 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.