Blockchain.com Inc., which gives a wide range of cryptocurrency companies to particular person buyers and institutional shoppers, has employed its first chief compliance officer because it appears to maintain up with speedy progress whereas creating authorized frameworks for its enterprise.
CJ
Rinaldi,
who most just lately was the top of markets compliance within the Americas for broker-dealer Deutsche Financial institution Securities Inc., started working for London-based Blockchain.com as its world CCO in October. Primarily based in Connecticut, Mr. Rinaldi joins the corporate’s rising compliance crew of 60 folks. He studies to
Lindsey Haswell,
the corporate’s chief authorized officer.
CJ Rinaldi, chief compliance officer at Blockchain.com.
Photograph:
Blockchain.com Inc.
In his new position, Mr. Rinaldi oversees the compliance points associated to onboarding shoppers in addition to making certain the corporate follows anti-money-laundering guidelines and sanctions legal guidelines.
The rent comes because the cryptocurrency startup, based in 2011, continues to increase globally as extra folks discover methods to purchase, promote and commerce crypto. The corporate mentioned it has $1.5 billion in income year-to-date for 2021 and a $5.2 billion valuation.
The corporate’s enterprise has gotten to the purpose the place it’s “greater than acceptable” to have somebody of Mr. Rinaldi’s caliber and expertise, mentioned Ms. Haswell, who joined the crypto agency six months in the past.
Mr. Rinaldi brings greater than 30 years of regulatory compliance expertise to Blockchain.com, the corporate mentioned. He served as a senior counsel within the enforcement division of the U.S. Securities and Trade Fee between 1991 and 1997, and has held management roles at monetary establishments, together with UBS Funding Financial institution and hedge fund Bridgewater Associates, serving to a few of the organizations implement necessities from the 2010 Dodd-Frank Act and dealing with regulators.
Blockchain.com mentioned Mr. Rinaldi’s background would assist the corporate work with regulators world-wide to arrange authorized frameworks for its cryptocurrency enterprise. Ms. Haswell mentioned the corporate is seeking to double its compliance head rely within the close to future. The corporate has about 270 workers general world-wide.
“The shortage of readability on the regulatory framework [for cryptocurrency] is the largest problem immediately,” Ms. Haswell mentioned. She added that Blockchain.com’s management, together with its chief govt and board, are all pushing for a predictable regulatory panorama and need to be “trusted companions” with regulators.
“We would like clear guidelines of engagement,” she mentioned. “Hopefully we can have that within the subsequent six to 10 months within the U.S. at the least.”
Blockchain.com’s CCO is the newest instance of crypto corporations ramping up hiring of their compliance departments as they arrive below rising regulatory scrutiny within the U.S. and world-wide. The Biden administration this week took the primary important step to impose banklike oversight on the cryptocurrency firms concerned within the issuance of stablecoins, outlining a course of that would form the way forward for that digital cash. SEC Chairman
Gary Gensler
this week additionally mentioned that he believes the crypto market wouldn’t mature without regulatory oversight.
Write to Mengqi Solar at mengqi.sun@wsj.com
Copyright ©2021 Dow Jones & Firm, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
