Coinbase's chief compliance officer is set to leave the firm

Quick Take

  • Coinbase’s chief compliance officer Jeff Horowitz is set to depart from the crypto exchange.
  • Horowitz’s departure is unrelated to Coinbase CEO Brian Armstrong’s controversial blog post last week, according to one source at the firm. 
advertisement

Coinbase's chief compliance officer Jeff Horowitz is set to exit the cryptocurrency exchange, according to several people familiar with the personnel move. 

Horowitz, whose career in financial services compliance spanned firms like Lehman Brothers and Citigroup, joined Coinbase in 2018. As the firm's first CCO, he played a role in shaping Coinbase's anti-money laundering policies as well as its compliance with recommendations from the Financial Action Task Force (FATF). He also played "a big part" in onboarding JPMorgan as a banking partner for the cryptocurrency exchange, according to a source. 

Notably, Horowitz's departure appears to be unrelated to Coinbase CEO Brian Armstrong's controversial blog post last week, which resulted in about 5% of employees exiting the exchange, according to a source familiar with the matter.

A Coinbase spokesperson confirmed the upcoming departure, noting: 

“Since joining the company in mid 2018, Jeff played an active role in helping to shape crypto and AML regulation with FATF, FinCEN, Dept. of Treasury and regulators around the globe. We’re grateful for his service and wish him the best in the future. While we conduct a search for a new CCO, our Chief Legal Officer, Paul Grewal, will take over day-to-day responsibility for our compliance programs, with support from our compliance leads.” 

In 2018, Horowitz's hire was reported as "one more important step" to legitimize the nascent crypto market. He joined the firm directly from Pershing, a subsidiary of BNY Mellon that focuses on brokerage services and custody. Here's a passage from a blog post by Coinbase about Horowitz's hire: 

"Before joining Pershing, Jeff led various compliance and AML programs at Citigroup, Goldman Sachs, and Salomon Brothers. He previously served as a banking regulator with the Federal Deposit Insurance Corporation (FDIC), along with twice serving as a member of FinCEN’s Bank Secrecy Act Advisory Group (BSAAG)."

The departure was announced in an email to staff Tuesday evening, according to a source familiar with the situation. 


This story has been updated with additional information. 


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More