Howard Bernstein, the financial compliance veteran, Joins Kraken as Chief Compliance Officer

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Howard Bernstein, the financial compliance veteran, Joins Kraken as Chief Compliance Officer

Bitcoin companies are in great talent hunt; earlier ForexMinute reported how Xapo was hiring to professionals from various backgrounds, now Bitcoin exchange Kraken has announced that financial compliance veteran Howard Bernstein has joined the company. He will be working as chief compliance officer as the trading platform looks to expand to the United States.

The information regarding the new appointment came to public through the official blog wherein it says that Bernstein, who has more than 20 years of experience in American financial regulations, constructed the entire anti-money laundering program of the publicly traded investment bank Merriman Capital, Inc, will be serving the firm now.

The blog says:

With his breadth of experience, Howard is the ideal person to oversee compliance at Kraken. He will manage day-to-day compliance operations, engage regulatory officials and lawmakers on Bitcoin policy, and help us anticipate and prepare for future regulatory changes. Regulation has focused on Bitcoin payments, yet we also have to consider how Bitcoin may ultimately be regulated as a tradable asset at exchanges. Howard has just the right background to help us do that.

Rich Working Experience

As Bernstein also helped Merriman comply with SEC and FINRA requirements, his work experience is expected to help Kraken to great extent. Additionally, much like the current state of Bitcoin regulations, the compliance requirements for the SEC and FINRA were new and very unclear at the time; however, with previous work, he is the right candidate for the job.

Nonetheless, the new CCO also marks a change of heart for the exchange about the U.S. market. Though Kraken doesn’t operate in the US, the country contributes greatly to Bitcoin’s trading volume. The San Francisco-based exchange previously swore off the U.S. market, having said that the country’s regulations were too nascent to know what they needed to comply with.

Reacting to his appointment as the CCO at Kraken, Howard said that he is very excited to be entering the Bitcoin space at this crucial moment of regulatory development. He further added that he is looking forward to joining CEO Jesse Powell and the rest of the Kraken team in their ongoing effort to provide clients with an exceptional exchange experience.

Sharing his views Kraken CEO and founder Jesse Powel said that they are working toward being able to operate legally in the United States and unlike most other services, they have chosen to stay out of the U.S. until they have the necessary licenses, which has put them at a substantial competitive disadvantage. He admitted that they are looking forward to entering home market.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com