By MoonPay Appoints Former Coinbase Executive Mike Lempres to Its Board Amid Increased Regulatory Scrutiny
Last updated: November 30, 2023 05:45 EST
. 2 min read
Crypto startup MoonPay has announced the appointment of Mike Lempres, a former executive from Coinbase and Andreessen Horowitz (a16z), to its board of directors.
On November 30, MoonPay announced that Mike Lempres will be joining the company’s board of directors to provide expertise about their product offerings and the industry’s regulatory landscape.
Mike Lempres previously served as the Chief Policy Officer at Coinbase and later joined Andreessen Horowitz (a16z) as an executive in residence for over two years. However, he is currently still a board member for Coinbase, Bitstamp, and Silvergate Bank.
Lempres brings a wealth of experience in corporate governance, capital raises, and executive functions, having served on the boards of prominent companies such as Bitstamp, Revolut US (as chair), and Coinbase.
Lempres, known for his contributions to both public and private companies, also has a background in the public sector, having held senior positions across three presidential administrations and serving as the Mayor of Atherton, California.
As Chief Legal & Compliance Officer for Coinbase, Lempres played a significant role in the exchange’s IPO and growth. His expertise is expected to be valuable for MoonPay as the company navigates evolving product offerings and the regulatory landscape.
MoonPay Expresses Anticipation for Mike Lempres’ Contribution to Regulatory and Growth Initiatives
MoonPay, founded in 2018, offers a range of crypto products and services, including an investment app, payment infrastructure, and an NFT platform. The company was valued at $3.4 billion in late 2021 after a Series A funding round that raised $555 million, led by Tiger Global Management and Coatue.
Besides Lempres, MoonPay’s other current board members include Soto-Wright, Max Crown, the company’s chief finance and operating officer, and Theodora Vardis, managing partner at HODL.vc, said Soto-Wright.
MoonPay CEO Ivan Soto-Wright expressed the company’s anticipation of Lempres contributing to various topics and initiatives.
“We look forward to leveraging Mike’s unique experience in navigating regulatory uncertainty as well as his track record for building successful businesses and scaling growth-stage companies. Whether it is his expertise in corporate governance, maturing compliance, and risk management, or his experience in crypto specifically, we expect Mike to contribute on a wide range of topics and initiatives.”
MoonPay Adapts to UK Regulations, Plans Migration of Operations to Comply With Travel Rule Requirements
As regulatory scrutiny in the United States continues to intensify, MoonPay aims to leverage Lempres’s experience in navigating regulatory challenges and building successful businesses.
Although the government of the United Kingdom has laid out plans to step up regulation of crypto assets in its efforts to respond to economic crime in the country, MoonPay is committed to servicing UK-based customers and is working closely with regulators to understand and implement these changes, ensuring that it is at the forefront of both compliance and customer trust.
In October, MoonPay announced that it is set to migrate its UK operations to MoonPay (UK) Ltd, a cryptoasset business registered by the Financial Conduct Authority (FCA). This was done to adapt to the newly imposed Travel Rule requirements within the UK, allowing the company to continue offering our services in compliance with local regulations.
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