Based on the reports from Coinbase, Jeff Horowitz, the company’s chief compliance officer, will be parting with the exchange
His exit, however, is not linked to the controversial and contentious blog post by the company’s CEO, Brian Armstrong, that surfaced last week. It started when some employees asked the company to take a stand on social / political issues such as the Black Lives Matter movement, which sparked a management statement announcing Armstrong’s “apolitical” non-activist stance. Rumor has it that this post resulted in about 5% of the company’s employees (60 employees) leaving.
Prior to joining Coinbase, Horowitz had worked with several other firms, including Citigroup, Goldman Sachs and Lehman Brothers. At the time of his hiring at Coinbase, Horwitz was working for Pershing, a subsidiary of BNY Mellon specializing in brokerage services.
He was the first CCO at Coinbase – a position he has held since 2018. In the two years that he worked for the company, Horowitz has reached several milestones. His efforts were instrumental in shaping the Exchange’s Anti-Money Laundering (AML) guidelines. He also helped the company adhere to the recommendations of the Financial Action Task Force.
He also reportedly played a major role in landing JPMorgan as a banking partner for the exchange. A Coinbase spokesman confirmed reports of Horowitz’s exit, saying:
“Since joining the company in mid-2018, Jeff has been actively involved in shaping crypto and AML regulation with the FATF, the Financial Crimes Enforcement Network, the Treasury Department and regulators around the world. We are grateful for his service and wish him all the best for the future. While we are looking for a new CCO, our Chief Legal Officer, Paul Grewal, will take on day-to-day responsibility for our compliance programs with the support of our compliance officers“.