Report: Tim Byun, formerly of FDIC, Visa and the Federal Reserve, joins BitPay

In a move sure to please bitcoin-skeptical regulators in the U.S., Atlanta-based payment processor BitPay announced today that it has hired Tim Byun as its chief compliance officer. Byun has quite a reputation preceding him, having served as Visa’s head of Anti-Money Laundering/Anti-Terrorist Financing. In since 2009. Byun also served as an Examining Manager with the Federal Reserve Bank of San Francisco’s Division of Banking Supervision and Regulation, and spent three years as a bank examiner for the Federal Deposit Insurance Corporation (FDIC).

In a press release about the hiring, BitPay Executive Chairman Tony Gallippi explained the importance of having such an experienced team member in a time of increasing scrutiny. “As the bitcoin industry continues to grow, BitPay wants to ensure that our policies and procedures fall inline with various state, federal and international regulations. For this reason, we hired Tim to set up and maintain our compliance structure.”

Although Byun is the highest-profile new hire for BitPay, the company has been rapidly expanding its staff in recent weeks. The company also announced that it has hired Anjali Kamath as its new General Counsel/Compliance Manager, Emily Vaughn as Events Marketing Manager, Wouter Vonk as European Marketing Manager in Amsterdam, Nick Cardin as UX/UI Developer, Andrew Mandel as Client Operations Engineer, Corey Glaze as Senior Sales Engineer, and Braydon Fuller as UX Engineer. Eight new interns have also joined the company for the summer.