Jean-Baptiste Graftieaux, PayPal chief compliance officer (CCO), has announced he has resigned from his position to become part of the Bitstamp team.
Graftieaux was appointed as PayPal’s CCO in January 2009 and served as a director of Europe, Middle East and Africa division.
Graftieaux commented: “I have been attracted by the culture of Bitstamp and also by its people. The Bitstamp employees that I have met are committed, optimistic and passionate and we share the same passion for the bitcoin ecosystem.”
Bitstamp is one of the most well-funded global bitcoin exchanges. In 2013, the company received a $10 million investment from Pantera Capital. However, the Bitstamp’s trade volumes have recently declined, partly due to the growth of the rival Chinese exchanges.
Earlier, Graftieaux also served as a CCO at StubHub, an online website for buying tickets.
Being an active cryptocurrency user, Graftieaux said he is excited to work in the bitcoin industry.
At Bitsamp Graftieaux will lead the company’s compliance program and will correspond with regulators to “preserve the interests of the bitcoin ecosystem.” He also said that his duties will “consist of enabling the Bitstamp business expansion, where Bitstamp will maximize compliance with regulatory requirements and user experience.”
There is now the growing number of companies, like PayPal, that are considering the idea of bitcoin integration. Some Wall Street firms are becoming more interested in digital currency as an opportunity to obtain profits.
Former Visa CCO Tim Byun, ex-VeriFone CFO Bob Dykes and former Obopay CEO Carol Realini have all made their interest in bitcoin.
When asked about his past work and how his previous experience would help him at his new job, he said: “When it comes to anti-money laundering, understanding the package of Financial Action Task Force (FATF) recommendations, Basel guidance and regulations serves as the basis for driving the development of that part of the compliance program.”
Bitstamp is currently looking to expand its cooperation with global regulators, as they are becoming more interested in the digital currency.
In October, Bitstamp sent a notice to its customers warning that if the users fail to verify their accounts during 28 days, their funds will be handed over to government authorities. The news was actively discussed by Bitstamp users, who had differenty reacted to the move.
The exchange has recently announced TradeView, its new live graphical trading interface that will enable users to monitor the current market situation and follow the open orders.