Byun, who was previously Visa’s Anti-Money Laundering/ Anti-Terrorist Financing Officer and head of Global Credit Settlement Risk, commenced his duties in earnest last week, speaking at the Digital Banking Summit on June 2.
“As the Bitcoin industry continues to grow, BitPay wants to ensure that our policies and procedures fall in line with various state, federal and international regulations,” Bitpay Chairman Tony Gallippi said in press release issued today. “For this reason, we hired Tim to set up and maintain our compliance structure.”
Aside from demonstrating Bitpay’s success within the Bitcoin framework, the news is also testament to Bitcoin’s grow recognition in the finance industry as a force to be reckoned with.
Byun’s opportunity to combine his experience in both fiat and digital will come later this month when he represents Bitpay at Bitcoin in the Beltway in Washington DC. More than a conference, the event is revered to be one of the more ‘radical’ gatherings in the community and promises to feature Bitcoin’s “rebels,” necessitating perhaps that Byun maybe be now working for the disruptive rather than traditional.
Bitpay meanwhile has grown to over 40 employees after securing US$30million in funding, which it will use to fund further expansion and development of its products.