Exchanges Continue Pushing Hires to Assist With Regulation as Blockchain.com Hires Ex-Deutsche Bank Executive

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In Brief
  • Former head of markets compliance in the Americas for Deutsche Bank Securities becomes chief compliance officer at Blockchain.com.

  • This recent hire spells out Blockchain.com’s commitment to compliance with anti-money laundering and Know Your Customer legislation.

  • This hire is an initial step of a hiring spree that would see the number of compliance-related people double at the company.

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Blockchain.com is preparing for a peaceful partnership with regulators as it beefs up its compliance department with a former SEC official. Mr. C.J. Rinaldi will look to help the company craft a global regulatory framework, as more people globally are taking part in crypto transactions. 

Mr. Rinaldi joins a team of 60 people working in the compliance department at Blockchain.com. Rinaldi has over 30 years of experience in the regulatory space, having served as senior counsel in the enforcement decision of the SEC, and held leadership roles in traditional financial institutions. Blockchain.com’s chief legal officer Lindsey Haswell will be Mr. Rinaldi’s direct report. Haswell has reported that the leadership of the company is looking to cultivate a trusted relationship with regulators, and hopes to have that in the next six to 10 months in the USA.

SEC chair Gary Gensler recently said that he believes the cryptocurrency market would only mature in the presence of regulation. Blockchain.com recently launched crypto trading in the state of Georgia into the United States. It hit $1.5B in revenue for 2021, as it extends its offerings globally.

TradFi compliance executives jumping ship to the crypto side

It is interesting to note how many crypto firms have hired former traditional finance executives to bolster compliance. Binance Singapore recently hired Richard Tenge, a former senior bourse executive of the Financial Services Regulatory Authority at Abu Dhabi Global Market, as chief executive officer.

Bittrex Global Bitcoin exchange hired senior associate Oliver Linch from global law firm Shearman and Sterling, who started on Nov. 1, 2021. Why is this significant? Because Linch was part of the financial institution’s advisory and regulatory practice. Therefore, his knowledge of regulatory frameworks around traditional financial institutions is a big step toward blurring the line between how global regulation treats traditional financial entities and how regulation treats crypto firms. Bittrex Global also hired seasoned financial services executive Michael Schroder as its chief compliance and risk officer.

A Canadian crypto trading company called Coinberry recently hired Shereen Khan, a former JPMorgan Chase and Bank of Montreal chief compliance officer, as their chief compliance officer, a move that took it one step closer to regulatory compliance in Canada.

TradFi risk and compliance management software comes on board the crypto ship

FTX US has added a compliance and risk management tool called TRM Transaction Monitoring and Forensics tool to monitor transactions for financial risk potential, and investigate suspicious activity. TRM’s tool is used by traditional financial and law enforcement institutions to monitor and investigate financial criminal activity.

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David is an electronic engineer with nine years of experience. He joined BeInCrypto to combine his passion for writing and his interest in fast-moving industries, cultivated from his university days. He hopes to make crypto easy to understand.

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