Coinbase Compliance Chief Jeff Horowitz Set to Leave

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.

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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.

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 the charges 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 globally and 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 not willing part 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.

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