Silvergate’s and Signature's Collapse Drives Demand for Crypto Specialists: Bloomberg
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June 1, 2023

European financial institutions serving cryptocurrency firms started hiring compliance experts after the collapse of Silvergate and Signature banks, Bloomberg has reported.

The organizations include Greengage Global Holding, BCB Group, Blockbank and Fiat Republic. According to the publication, some of these increased the proportion of specialists by 20%.

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Natasha Powell, senior manager at BCB, has said:

"Finding good compliance officers comes at a cost, and compliance now has a premium attached to it."

She has added the company plans to double the number of relevant employees within five months. BCB is preparing to launch the BLINC instant payment service in the US, so the need for regulatory specialists has increased exponentially.

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The average salary for compliance officers in the UK currently ranges between £55,000 and £75,000 a year, whereas in large companies, compliance managers are paid around £200,000.

It is worth noting that representatives of the Lithuanian Blockbank have reported that in recent months the number of requests for service from blockchain companies has increased several times over.

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