Blockchain
Q&A: Paxful CCO on ramping up compliance after BSA failures
Manfred Bekeris, the Chief Compliance Officer at Paxful, recently discussed with Compliance Week the company’s renewed focus on compliance. This shift comes in the wake of the former Chief Operating Officer and co-founder, Artur Schaback, pleading guilty to violating the Bank Secrecy Act (BSA). Since taking on the role of CCO in June, Bekeris has been instrumental in driving these changes as Paxful aims to redefine how money moves globally.
Background and Immediate Actions
Paxful, which temporarily halted operations in 2023, is now under new leadership. Following Schaback’s guilty plea, the company issued a statement underscoring its commitment to enhance compliance measures, specifically in areas such as Know Your Customer (KYC), monitoring, reporting, and sanctions screening. Bekeris, with 14 years of experience in compliance, including roles at Western Union, Crypto.com, OKX, and BVNK, is tasked with developing a robust compliance program tailored to Paxful’s unique position in the crypto landscape.
The Challenges and Opportunities in Crypto Compliance
Bekeris highlights that while operating outside traditional financial frameworks allows for rapid innovation, it also requires the development of custom solutions. The lack of established frameworks in crypto necessitates building compliance programs from the ground up, ensuring they are both scalable and in line with global regulatory standards. He also points out the advantages of blockchain’s transparency, which offers unparalleled opportunities for tracing and monitoring transactions.
Learning from Past Mistakes and Setting New Standards
The regulatory action against Paxful’s former co-founder has reinforced the company’s commitment to compliance. Bekeris explains that the company has undertaken a comprehensive review of its policies and procedures, strengthening controls and governance mechanisms. Paxful’s new compliance framework focuses on proactive regulatory engagement and preventing a repeat of past issues, aiming to build trust with users and regulators.
Goals and Challenges in the Next 12 Months
In the coming year, Paxful’s goals include enhancing KYC processes, improving customer and transaction monitoring, and ensuring compliance practices meet or exceed regulatory requirements across all jurisdictions. Bekeris also emphasizes the importance of employee training to keep staff updated on the latest compliance standards.
However, implementing these enhanced processes comes with challenges. The company faced resistance from users in various jurisdictions who were not accustomed to stringent KYC requirements. Paxful also had to retrofit its compliance systems to accommodate a large, diverse user base, adding operational strain and the need for extensive customer education.
Scaling Compliance Operations
To address these challenges, Paxful initially utilized managed services to handle compliance needs. Bekeris is now focused on transitioning responsibilities to in-house teams, fostering a more integrated compliance function. The company is actively recruiting globally, seeking professionals with both compliance and crypto industry experience to navigate the unique challenges of the sector.
Paxful’s commitment to enhancing its compliance posture is evident through its strategic initiatives and the expertise of its leadership. With Bekeris at the helm, the company is poised to navigate the complex regulatory landscape of the crypto industry.
Source: complianceweek.com
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Alpine Web3 and Everdome are joining forces to push the boundaries of fan engagement through immersive digital experiences. Building on Alpine’s storied motorsport legacy, this partnership will bring fans closer to the action with metaverse pop-up spaces and interactive events.
As Alpine Web3 shifts its focus beyond motorsport, this collaboration aims to redefine sports marketing by merging the physical and digital worlds, offering fans a dynamic and innovative way to connect with their favorite teams and events.
Alpine is a brand with a long and successful history, founded in 1955 by Jean Rédélé and quickly building success across multiple motorsports disciplines. With titles across multiple motor racing disciplines such as the World Rally Championship, 24 Hours of Le Mans, success in F1® racing and the FIA WEC Endurance World Championship, Alpine has constantly innovated for success.
Now Alpine seeks to expand their innovation beyond motorsport, looking for ways to engage new audiences with experiential sports marketing as the real and digital worlds converge.
This two-way partnership will see Everdome work on a variety of experiential Alpine focussed destinations, kicking off with a series of metaverse pop-up spaces for Alpine Web3, released to coincide with the major sporting events across their race calendar, from Formula One® and beyond.
Everdome will also create interactive events with Alpine Web3 and their partners, allowing global audiences to take one step closer to the action as we explore the future of sports fan engagement together.
Last year, Everdome and Alpine first collaborated with an exclusive metaverse AMA with their F1® driver Pierre Gasly and Binance Fan Token, creating an interactive event where the audience could join with their avatar-likenesses inside a unique environment, bringing them closer to their racing heroes inside a digital world.
“Experiential marketing is on the rise as audiences react positively to immersive, interactive experiences which bring a feeling of deeper involvement with their sporting teams and heroes.’’ said Artur Kaczmarczyk, Chief Growth Officer for Everdome. “This new partnership will explore a future of sports fan engagement, creating a series of activations across the motorsports racing calendar to let global Alpine fans feel closer to the team, drivers and brand.’’
Beginning with metaverse spaces highlighting images and videos from Alpine inside fully interactive, avatar-led digital environments, Everdome will go on to create a dedicated and permanent metaverse footprint for Alpine Racing inside their digital headquarters, showcasing their glorious history, exciting present and promising future.
“This collaboration with Everdome underlines our commitment to constant innovation through leveraging the latest technology”, said Guillaume Vergnas, Head of Merchandising, Licensing, Esports & Web3 at Alpine. ‘’Motorsport has always been about passion, spectacle and interaction, and with Everdome we seek to allow audiences a taste of the spectacle in a novel digital world.’’
Everdome will introduce their large community of web3 followers and metaverse pioneers to Alpine’s exciting web3 ecosystem, paving the way for some exciting cross-project collaborations, activations and more across 2024 and beyond.
The post Everdome and Alpine Web3 Redefine Fan Engagement with Bold Metaverse Vision appeared first on HIPTHER Alerts.
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