Cryptocurrency News

Two Former Compliance Experts of Coinbase to Join Facebook

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Hiring crypto experts for their projects is not a surprise anymore in the crypto world. There are crypto firms who carried recruitment drive earlier and managed to snap up key employees from the crypto industry. This time it’s Facebook. Yes! Facebook – the popular social media company with millions of user base and the firm that offers another platform to its users such as WhatsApp and Instagram has finally made the next big move. Facebook has recruited two of former compliance experts for its project. Speculations are Facebook might have hired them for ‘Project Libra’ a blockchain project of Facebook which is creating lots of buzz.

Two former employees will be joining the Facebook team have previously served Coinbase a cryptocurrency exchange at the United States. Facebook recruited two experts earlier this month, and they worked with Coinbase for over the years.  Now after resigning they will directly head their ways towards social media giant firm Facebook.

About Former Coinbase Compliance Managers and New Facebook Post

Let’s get some information regarding the two compliance managers. The Coinbase’s former compliance managers are Mikheil Moucharrafie and Jeff Cartwright. They will be working for Facebook on different roles henceforth.

Mikheil Moucharrafie will serve Facebook as a compliance officer. In April, Mikheil updated his LinkedIn Profile mentioning his current role as “Compliance Officer at Facebook.” posted saying:

“Today I depart Coinbase. I’ll be taking a brief vacation and then transitioning to a new project (stay tuned).”

Mikheil worked for more than 4 years in Coinbase cryptocurrency exchange. He played different roles in the exchange namely quality assurance tester and support analyst, risk manager, compliance manager and anti-money laundering (AML)/ bank secrecy investigator. The last post he held in the exchange was as Compliance Manager.

Jeff Cartwright, the other new employees of Facebook and expert, worked with Coinbase for nearly 5 years. Like Mikheil Moucharrafie, he too held a different position at the exchange such as regulatory risk and exam director and internal audit head. Cartwright is a lawyer and joined Coinbase in 2014.  Prior, joining Coinbase he gained experience in compliance roles from Goldman Sachs and American Express and worked as an anti-laundering (AML) consultant at KPMG Big Four Company. For the first three years, he managed AML and Bank Secrecy Act (BAS) compliance startups at Coinbase and later was promoted as internal audit head in March 2017. In December 2018, he held the position as a regulatory risk and exams director.

Now at Facebook, Cartwright will be holding the position as policy and compliance manager. Cartwright too has updated his current role over his LinkedIn Profile page.

This move is definitely going to benefit Facebook; they two have in-depth knowledge of technology and finance legislation and will help Facebook to solve any key legal issues in the US.

Ahead of its cryptocurrency launch, it was recruiting PayPal employees for its must speculated stablecoin project. The company started hiring much-dedicated blockchain staff, in the previous year.  Facebook has focused more on payments platform employees and hired 20 percent of teams from this platform.

Just recently, the US Senate Banking Committee asked Facebook CEO, Mark Zuckerberg, to respond to the open letter and share the detail of its cryptocurrency project. The open letter is focused more on consumer privacy.

Facebook is expected to launch its own crypto coin within its next quarter Q3.

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