2 years ago
James Freis, a erstwhile apical money-laundering prevention authoritative astatine the U.S. Treasury Department, has joined MoonPay arsenic a peculiar advisor for regulatory matters, the payments infrastructure institution said Wednesday.
Freis, who ran the Treasury’s Financial Crimes Enforcement Network (FinCEN) nether erstwhile Presidents George W. Bush and Barack Obama, volition counsel MoonPay’s executives and compliance officials arsenic the startup further establishes its systems for allowing radical to bargain and merchantability cryptocurrencies utilizing a scope of outgo methods specified arsenic recognition cards, slope transfers and Apple Pay, the institution said successful a statement.
“As MoonPay works to bring the adjacent cardinal radical into the crypto economy, Jim brings an unparalleled wealthiness of acquisition to the concern and volition beryllium instrumental successful helping america proceed our growth,” Ivan Soto-Wright, main enforcement serviceman and Founder of MoonPay, said successful a statement.
MoonPay, which said it valued astatine $3.4 cardinal after closing a Series A backing round past November, is registered with FinCEN arsenic a wealth services business, successful summation to wealth transmitter licenses held successful 36 states, according to the company.
The institution acts arsenic a "concierge" service for celebrities funny successful purchasing non-fungible tokens (NFTs), purchasing NFTs for precocious illustration individuals but besides advertizing these NFT income connected TV and successful different locations.
Freis, a lawyer and erstwhile authoritative astatine the Federal Reserve Bank of New York, has besides served arsenic the main compliance serviceman astatine Deutsche Börse Group. Atop FinCEN, helium was liable for authorities efforts to caput disconnected wealth laundering and fiscal fraud.
“Part of the crushed I was drawn to MoonPay is due to the fact that it's innovating astatine velocity portion besides taking precise earnestly obligations wrong an evolving regulatory framework,” Freis said.
MoonPay has said it's focusing attraction connected non-fungible tokens, moving to streamline the checkout process for NFT markets. The Treasury has warned that NFTs could go a favourite instrumentality of wealth launderers, according to a survey published past month.
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Jesse Hamilton is CoinDesk's lawman managing exertion for planetary argumentation and regulation. He doesn't clasp immoderate crypto.
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