Kraken is one of the most popular Bitcoin exchanges around the world these days. Not only does Kraken provide enough liquidity for high-volume traders, but they have also been appointed as a trusted “partner” for the Mt. Gox refund process. And things behind the scenes have been trucking along as well, resulting in appointing Howard Bernstein as their new Chief Compliance Officer.
Bitcoin Exchange & Compliance – Murky Waters
When it comes to regulation and compliance, Bitcoin-related services have to tread very carefully to not make any fatal mistakes. Depending on which part of the world you are offering your services from, the compliance landscape might be different from other countries or continents.
As much as die-hard Bitcoin enthusiasts see digital currency as a way to overthrow the current financial infrastructure, there is no reason they can’t work together. People with vast experience in the financial sector can be beneficial to Bitcoin-related companies, and Bitcoin veterans can shed some light on the current financial infrastructure.
It should come as no surprise to our reader then that we regularly see people jumping ship between these two worlds. Having team members with vast experience in the fields of regulation, compliance and the whims of the financial sector can be very beneficial for any self-respecting Bitcoin company in the long run.
Now that Bitcoin exchange Kraken has added Howard Bernstein to their table; the company positions itself to face any changes in Bitcoin regulation and compliance head on. While Bitcoin is getting a lot of attention from government officials around the world, this digital currency ecosystem is still relatively new, and the rules will undergo several changes over the next few years.
Howard Bernstein – Right Man in The Right Place
With 20 years of experience in the field of compliance solutions – for trading firms and investment banks – Howard Bernstein seems to be the right man for the job. An impressive resumé is one thing, but Mr. Bernstein also possesses the necessary “gut feeling” to anticipate upcoming changes in compliance and regulation.
The main role of Kraken’s new Chief Compliance Officer is not just leading the company’s compliance efforts, but also designing new policies, procedures and internal controls to ensure compliance. Furthermore, Mr. Bernstein will also handle regular Kraken audits and responding to any information request made by regulators.
This move indicates Kraken’s dedication to being a fully compliant Bitcoin exchange in all parts of the world. We are not just talking about regulation Bitcoin as a payment method, but as a tradeable asset in the future. And with the right person in place – who not only has the right background but also the necessary foresight of anticipating upcoming changes – things are looking bright for the Kraken Bitcoin exchange.
“I am very happy about the appointment and very excited to be entering the Bitcoin space at this crucial moment in regulatory development. I am also 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.” – Howard Bernstein told the media
Source: Kraken Blog
Images courtesy of Kraken, Howard Bernstein, Shutterstock