Facebook hires two former Coinbase compliance managers

In the social media giant’s most recent blockchain/crypto move, Facebook has hired two of Coinbase’s former compliance veterans earlier this month with at least one of the new recruits coming on board to work with the company’s blockchain endeavours.

The first of the new hires, Jeff Cartwright, departed Coinbase in March after nearly a half-decade at the U.S. cryptocurrency exchange working in various compliance roles. Cartwright joined Facebook earlier this month as a policy and compliance manager as per information from his Linkedin profile.

However, the Linkedin profile does not divulge any further details as to how he will be involved in Facebook’s blockchain projects. Cartwright also further declined to comment to the press as to his new role. A spokesperson at Facebook, Elka Looks also refused to divulge any information about his role stating that Facebook does not comment on personnel.

The second hire, Mikheil Moucharrafie, left Coinbase back in April after more than three years joined Facebook earlier this month as a compliance officer for blockchain.

Cartwright, a lawyer by trade, joined Coinbase back in 2014 after working in compliance roles at various companies including American Express and Goldman Sachs and also has experience as an anti-money-laundering (AML) consultant at KPMG.

He also spent his first three years at Coinbase managing the startup’s AML and Bank Secrecy Act (BSA) compliance. He was also promoted to head of internal audit in March 2017 and following that he was promoted to director of regulatory risk and exams in December of 2018.

Moucharrafie has a similar resume, as he has experience as an AML/BSA investigator, compliance manager and risk manager.

Facebook’s Coin & New Hires:

Facebook’s new hires legal and regulatory experience will prove valuable to the social media network, given that their efforts to launch a cryptocurrency has attracted attention in Washington.

Just last week saw the U.S. Senate Banking Committee write an open letter to Facebook CEO and found Mark Zuckerberg, imploring him to share details surrounding his cryptocurrency project with the focus being on consumer privacy.

So far, not much is known about Facebook’s secretive project, which has been dubbed Libra. The company began building its blockchain team last year which is led by David Marcus, a former Coinbase board member.

Since then, Facebook has posted several job listings for its blockchain team, which includes notable crypto community names such as crypto economist Christian Catalini, a researcher from MIT.

Lastly, Facebook is also seeking to raise as much as $1 billion for its project to use as collateral to back a stablecoin.

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