In an ever-evolving regulatory environment, blockchain.com has appointed its first chief compliance officer.
Since October, Rinaldi has served as the global CCO of London-based Blockchain.com after most recently working for broker-dealer Deutsche Bank Securities Inc. The Connecticut-based company currently has a compliance team of 60 workers. The chief legal officer of the company is Lindsey Haswell.
Previously, he was Head of Market Compliance in the Americas at Deutsche Bank Securities, a broker-dealer. He joined Lindsey Haswell, the company’s Chief Legal Officer, and took over in October.
The experience Rinaldi brings to the crypto business will be essential in engaging regulators globally. The expected growth in Blockchain.com compliance is interesting.
In addition to his legal experience, Rinaldi has served as a senior counsel with the Enforcement Division of the Securities and Exchange Commission.
While expressing the company’s overall goal, Haswell acknowledged that regulations pose the main obstacle to the cryptocurrency sector.
It combines online trading capabilities like bitcoin with the stability of national currencies, such as the dollar, by issuing stablecoins from companies including Tether Ltd. and Circle Internet Financial Inc. In addition, stablecoins could cause price instability if users come to doubt the value of the assets underlying the price stability, the panel said.
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At the conference, he compared cryptocurrency to a teenage boy due to its relatively short lifespan, stating that the technology will not become an adult without broader regulatory oversight, such as anti-money laundering laws and tax compliance laws.
Crypto-related businesses, including Blockchain.com, have expanded their compliance departments in the face of increasing regulatory scrutiny. A notable cryptocurrency exchange is Binance, which has placed more emphasis on positioning itself for better working relationships with regulators.
Blockchain.com ready to gear up
The company’s CEO Changpeng Zhao has stated that the compliance team will be doubled by year’s end.
Having expanded globally, Blockchain.com has been able to generate more revenue through an increase in hiring. For the year ended June 30, 2021, the company generated $1.5 billion in revenue.
Additionally, the platform continues to be a popular choice among crypto enthusiasts. The number of unique crypto wallets added by Blockchain.com between November 2020 and November 2021 reached a record 22.86 million, an increase of 40.9% from 55.89 million last year.
