Social media agent Facebook hired two new compliance experts, both the veterans were previously working in Crypto Exchange Coinbase.
Mikheil Moucharrafie has left Coinbase after working for around 4 years. He has joined Facebook as a Compliance Officer for Blockchain. At Coinbase, he was working as a support analyst and quality assurance tester, anti-money laundering (AML)/ bank secrecy investigator, compliance manager, and risk manager.
Jeff Cartwright was working as a Compliance Manager at the US Cryptocurrency Exchange for around 5 years. He joined Facebook as a policy and compliance manager recently as per his LinkedIn profile.
The profile doesn't provide details about how he will be involved in Facebook's blockchain project. Also, Facebook's spokesperson Elka Looks stated that the firm doesn't comment on a personal.
Jeff Cartwright is a lawyer by training, before joining Coinbase in 2014, he has worked at AML consultancy at Big Four firm KPMG and AML compliance investigations at Goldman Sachs.
He spent nearly three years at Coinbase managing the Startup's AML and Bank Secrecy Act (BSA) compliance, and then he was promoted to head of internal audit in 2017. After this, he was the director of regulatory risk and exams in December of last year.
Moucharrafie holds the same position, having worked as an AML/ BSA investigator, compliance and risk manager.
Both individuals might be helpful for Facebook's Blockchain project. According to the inspection, Facebook's Cryptocurrency plans have gained a lot of attraction in Washington.
Before a week, U.S Senate Banking Committee sent a letter to the Founder and CEO of Facebook, Mark Zuckerberg to reveal more details about the cryptocurrency project, with a special focus on the consumer privacy and protection.
Facebook has recently started working on a project known as Libra. The firm has been developing a blockchain research team for one year which has been handled by former Coinbase board member David Marcus. One source which is familiar with the project said the Facebook is recruiting financial firms to build its own crypto and the project's codename and product name is Libra.
Facebook is seeking to raise $1 billion for the project to use as a security to back a stablecoin.