CoinbaseÃ¢ÂÂs chief compliance officer (CCO), Jeff Horowitz, is leaving the firm after two years.
- FirstÃÂ reportedÃÂ by The Block, Horowitz joins at least 60 other employees in leaving the exchange Ã¢ÂÂ roughly 5% of the companyÃ¢ÂÂs headcount.
- The majority of those departures come in response to Coinbase CEO Brian Armstrong recently declaring an Ã¢ÂÂapoliticalÃ¢ÂÂ non-activist stance against social issues at the company. It was not immediately clear if Horowitz is leaving for the same reason.
- The situation began to bubble with some employees wanting a more public stance on issues like Black Lives Matter early in the summer. It finally reached a point when Armstrong told those who did not agree with his companyÃ¢ÂÂs position to take aÃÂ severance package.
- HorowitzÃÂ joined CoinbaseÃÂ back in 2018 as the firmÃ¢ÂÂs first CCO, where he was charged with guiding the exchangeÃ¢ÂÂs anti-money laundering policies and handling regulatory compliance.
- He previously spent 12 years leading the compliance team at Pershing, a BNY Mellon company, and also one of the largest providers of brokerage custody.
- During his career, Horowitz also took efforts to shape financial regulation in the U.S with his involvement in industry associations such as the Financial Crimes Enforcement Network and theÃÂ Financial Industry Regulatory Authority.
- Ã¢ÂÂWeÃ¢ÂÂre grateful for his service and wish him the best in the future,Ã¢ÂÂ a Coinbase spokesperson said. Ã¢ÂÂWhile we conduct a search for our new CCO our chief legal officerÃÂ Paul GrewalÃÂ will take over day-to-day responsibility.Ã¢ÂÂ
Nikhilesh DeÃÂ contributed reporting.
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