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For the past three years Horowitz has served as global head of
compliance for Pershing LLC, a subsidiary of Bank of New York
Mellon Corp. Pershing handles approximately $1.8 trillion in
client assets.
Coinbase, one of the largest cryptocurrency exchanges based in
the United States, said the hire reflected its commitment to
compliance, as well as its recognition that companies require
seasoned teams to deal with regulatory requirements in different
countries.
Regulators are increasing their scrutiny of the cryptocurrency
sector, following an explosion in trading of virtual coins such
as bitcoin and ether.
This has led some companies in the sector to pay closer
attention to their compliance procedures.
"As Coinbase - along with the cryptocurrency space as a whole -
grows and matures, continued regulatory compliance across all
the varying jurisdictions globally will be critical," Asiff
Hirji, Coinbase president and chief operating officer, said in a
blog post.
Coinbase, which counts New York Stock Exchange owner
Intercontinental Exchange Inc as an investor, has also been
seeking to attract more business from institutional investors.
To do so it is planning to offer services such as a
sophisticated matching engine and secure storage of
cryptocurrencies.
Prior to Pershing, Horowitz worked at Citigroup Inc, Goldman
Sachs, and U.S. bank regulator the Federal Deposit Insurance
Corporation, Coinbase said. He has also served as a member of
the Financial Crimes Enforcement Network's Bank Secrecy Act
Advisory Group.
(Reporting by Anna Irrera, Editing by Rosalba O'Brien)
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