Coinbase Parts Company with Policy Head Michael Lempres

Lempres is leaving the US exchange for a position at venture capital firm Andreessen Horowitz.

Coinbase, a leading cryptocurrency exchange operator, is losing one of its top executives, Michael Lempres, who has been recently named chief policy officer of the company. The crypto professional will join US venture capital giant Andreessen Horowitz, Bloomberg reported on Wednesday.

Lempres was Coinbase’s chief legal and risk officer for nearly two years, but in October was transferred to the position of head of policy affairs as Brian Brooks, ex-Fannie Mae executive, took responsibility for legal issues. Anonymous sources familiar with the events told Bloomberg that Lempres decided to leave the company because Brooks assumed the control of most of his daily duties including policy efforts with US lawmakers and regulators. As per Lempres’ LinkedIn job description, those areas had been planned to be under his remit.

“Responsible for legal, risk, compliance, government affairs, corporate governance and banking relationships for one of the world's leading digital currency companies. Working to create an open financial system for the world,” Lempres writes.

Commenting the Lempres departure, Coinbase said in an email to Bloomberg:

“As chief legal and risk officer during a time of tremendous growth for Coinbase, Mike was instrumental in building the company’s legal and compliance functions and driving our vision of trust through compliance. We wish him the best in his new position with Andreessen Horowitz.”

It is unclear what role will take Lempres at Andreessen Horowitz, which has investments in various sectors including in the cryptocurrency market. Horowitz, one of the early investors in Coinbase, also participated in a $300 million exchange funding round last month.

Founded more than five years ago, Coinbase has become one of the major players in the virtual asset world. The company offers a variety of services including cryptocurrency trading, custodian solutions and a wallet. It has launched a package of new services aimed at widening its mainly retail client base with institutional investors such as hedge funds. Last month, its long-running vice president Adam White left the company.