Copper has become the latest crypto firm to bolster its compliance team, with the appointment of financial veteran Tim Neal as its new chief risk officer.
Neil joins a crypto custody provider with over 20 years of experience in risk management roles.
Most recently he held the position of Chief Risk Officer at Mastercard, and held senior positions at the London Stock Exchange Group, where he was Head of Operations and Technology Risk, Standard Chartered, where he was Head of Global Services Operations, and Deutsche Bank, where he was Global Head of Incident Management.
Crypto companies like Copper are rushing to improve their risk and compliance capabilities, ahead of what is widely expected to be a regulatory crackdown in the coming years.
In April, Binance expelled top regulators from the Financial Conduct Authority and the Financial Industry Regulatory Authority.
read Binance hires a new compliance manager for its US arm
Last year, recruiter Hamlin Williams said it conducted 18 searches of key compliance officers for fintech and cryptocurrency companies in 2021, up from seven in 2020, The Wall Street Journal reported.
Copper brought in former advisor Philip Hammond in an advisory role in October 2021. In the US, cryptocurrency venture capital firm Electric Capital recently appointed former Securities and Exchange Commission Chairman Jay Clayton as an advisor.
Copper is expected to announce the closing of a funding round of approximately $500 million in the coming weeks, which includes Barclays as an investor, according to Sky News report.
It is a “critical time for risk and compliance in the crypto-asset ecosystem,” Neil said.
“I look forward to applying my expertise in managing digital financial security at Copper to help ensure that institutional investors and asset managers can continue to handle and store cryptocurrencies transparently and securely.”
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