Jeff Horowitz, the Chief Compliance Officer at Coinbase, has decided to leave the US-based crypto exchange, The Block reported on Wednesday.
Horowitz joined the California-headquartered digital currency exchange in July 2018 as its first compliance head. The move was then marked as ‘one more important step’ to legitimize the cryptocurrencies for institutions and regulators.
He is an expert in the field of compliance with three decades of experience. Before joining Coinbase, he worked with BNY Mellon-subsidiary Pershing, Citigroup, Lehman Brothers, and Goldman Sachs in various leadership roles, all related to compliance.
Though the crypto publication cited several anonymous sources to report on Horowitz’s upcoming departure, a Coinbase spokesperson later confirmed the move.
His futures plans are not known yet.
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The crypto exchange giant has already begun its search for a new executive to head its compliance department. However, for the time being, its Chief Legal Officer, Paul Grewal, will take on the duties of overseeing day-to-day compliance activities.
Staff Not Inline with Coinbase’s Vision
Established in 2012, Coinbase has positioned itself as a leading cryptocurrency exchange and has become one of the few crypto unicorns. With a stronghold in the United States market, the exchange is now expanding its presence globally along with its product suite.
Late last month, Coinbase attracted a lot of critics as its CEO, Brian Armstrong penned the exchange’s plans to stay apolitical and focus solely on its business. He offered employees a severance package, who are unwilling to continue working with the exchange partly due to its apolitical vision.
Armstrong later revealed that as many as 60 Coinbase, consisting of 5 percent of its total workforce, have taken the exit package. It is to be noted that Horowitz’s exit from the crypto exchange is not a part of this controversial move.