Facebook Recruits Two of Coinbase’s Ex-Compliance Experts

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The social media giant, Facebook adds two ex-employees of Coinbase’s compliance team. Jeff Cartwright and Mikheil Moucharrafie, are said to work in Facebooks compliance team this month. Jeff Cartwright left Coinbase in March after nearly five years at the U.S. cryptocurrency exchange in various compliance roles.

According to Cartwrights LinkedIn profile, he joined Facebook as a policy and compliance manager. His profile doesn’t address how he will be involved in Facebooks secretive plan to create a price-stable cryptocurrency in the social media giants foray into the blockchain industry. Meanwhile, Mikheil Moucharrafie, who left Coinbase in April after more than three years, also joined Facebook this month. He is said to be the compliance officer for blockchain in Facebook.

Cartwright, a lawyer by training is a veteran in the blockchain industry as he spent almost the last five years at Coinbase. After working in several compliance roles at American Express and Goldman Sachs and as an anti-money-laundering (AML) consultant at Big Four professional services firm KPMG.

He joined Coinbase as a compliance manager in 2014 and managed the startup’s AML and Bank Secrecy Act (BSA) compliance, steadily climbing the corporate ladder to later get promoted as the head of internal audit. He later took up the role of director to head the company’s regulatory risk and exams department and continued with that role until his separation.

Moucharrafie, on the other hand, started his career at the crypto exchange as a support analyst in 2015. He later took up the roles of AML/BSA investigator, compliance manager and risk manager and left Coinbase from the position of risk manager last month.

The social media giant is quietly building up its blockchain research team under its vice president and another former Coinbase board member David Marcus. Facebook has posted several job listings for their blockchain team since, and notable figures in the space such as crypto economist Christian Catalini, a researcher with MIT, have also joined the project. Facebook has acquired the rights to the “Libra” trademark for its secretive cryptocurrency project. A source confirmed that Facebook is recruiting financial firms to develop its own crypto and that the project’s codename and product name is Libra.