Coinbase CCO – or Chief Compliance Officer – Jeff Horowitz, is reportedly exiting the US cryptocurrency exchange, according to a report on Wednesday. The report cited a group of unnamed individuals familiar with the development. This marks another departure of a prominent employee at the digital currency exchange. Most of the employees were prompted to leave the company following a controversial post published by the CEO.
However, the source did note that Horowitz’s decision to depart from the exchange wasn’t caused by that particular debacle. It is a completely different situation and needs to be treated as such.
Coinbase CCO Departure
Horowitz is the most recent person to perform the role of Chief Compliance Officer for Coinbase. He reportedly joined the company in mid-2018. During his stint, Horowitz focused on complying with global regulatory measures. Per the exchange’s spokesperson, “Jeff played an active role in helping to shape crypto and AML regulation with FATF, FinCEN, Dept. of Treasury and regulators around the globe.”
Sources mention that staff are aware of Horowitz’s departure. An internal email confirms the CCO role is now vacant. Furthermore, the Coinbase CCO’s decision to leave the crypto exchange is unrelated to the controversial post from Brian Armstrong. Horowitz already made his intention to depart from the company clear on beforehand.
Finding a Competent Replacement
Former Coinbase CCO Horowitz previously spearheaded anti-money laundering and other compliance programs at big-name companies like Goldman Sachs, Citigroup, and others. He also gained regulatory experience following his past service at Federal Deposit Insurance Corporation (FDIC) as a banking regulator. All of this experience is of great benefit to Coinbase.
Amid Horowitz’s departure from Coinbase, the exchange is looking to search for a competent compliance officer. The new CCO will assume the vacant position as quickly as possible. While the search runs, the Chief Legal Officer at Coinbase, Paul Grewal, will manage the exchange’s compliance programs . Grewal will receive assistance from other staffers with compliance-oriented experience.
Besides the development today, more than five percent of Coinbase employees are leaving the exchange. This exodus comes on the heels of a recent publication from the CEO, Brian Armstrong. The blog post informed about the company’s “apolitical” mission to focus on business rather than pursuing social activism. It attracted several critics, as well as supporters, both within and outside of the company.