Bitfinex Welcomes Financial Crime Prevention Expert as Chief Compliance Officer

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 effectiv 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 effectiv 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 c 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 c 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.