Paypal’s Jean-Baptiste Graftieaux Leaves For Bitstamp
A major Paypal executive is taking his talents to the Bitcoin industry, leaving payment processing giant Paypal to take a position at Bitstamp. Jean-Baptiste Graftieaux was Paypal’s chief compliance officer (CCO) and will be taking the same position with Bitstamp.
As first reported by CoinDesk, Graftieaux worked for Paypal as their COO of their European, African and Middle Eastern divisions. As a CCO, Graftieaux would have been responsible for making sure Paypal fell in line with the financial laws of the localities that fell under his jurisdiction. Being responsible for portions of three different continents means he potentially brings over a wealth of international compliance knowledge to Bitstamp.
Regulation is undoubtedly one of the major issues facing Bitcoin exchanges and other companies. As the Bitcoin economy grows and becomes more mainstream, regulators are beginning to cast their eyes towards the digital currency. The larger companies, and Bitstamp certainly qualifies, will be the first to feel the effects of regulation and many of them are already preparing for what lies ahead.
This post was published at Coin Telegraph on 2014-11-04.