The former BNY Mellon Subsidiary Pershing LLC. Managing director and chief compliance officer Jeff Horowitz has recently finished the first day of his job at Coinbase by attending meetings and going through an onboarding processing.
Horowitz has the experience of most of his career in managing brokerage custody and clearing and settling brokerage custody. In June 2018, Coinbase bought a licensed broker-dealer and in early July 2018, it has opened its Coinbase Custody with the goal of making it more suitable for traditional hedge funds as their portfolios could be broadened with cryptocurrency. Despite the regulatory hurdles, taking such actions and hiring Horowitz shows how serious the exchange is about institutional cryptocurrency. Horowitz said,
“For the past two decades, I’ve built global AML and fraud-prevention programs for companies like Citigroup, Goldman Sachs and Salomon Brothers. These are precisely the type of programs that institutional investors need to see as they’re starting to see crypto as an investment opportunity.”
While working at Pershing, Horowitz looked over the company’s regulatory and compliance program in the course of being its managing director and global head of compliance. Also, while being the firm’s chief compliance officer, he managed Pershing ’s anti-money-laundering (AML) and compliance programs.
Headquartered in San Fransisco, California, Coinbase is the 12th-largest exchange in the world that has $156 million volume per day in major cryptocurrency transactions like Bitcoin, Ethereum and others. Founded in 2012 by Brian Armstrong and Fred Ehrsam, it eventually went on to become one of the leading cryptocurrency exchanges in the world. Moreover, Coinbase has two core products: a Global Digital Asset Exchange (GDAX) for trading a variety of digital assets and a user-facing retail broker of Bitcoin, Bitcoin Cash, Ether, and Litecoin for fiat currency.