Xcoins appointed Karen Falzon as Chief of Risk in February 2021. Falzon, well known within the Malta Financial Services Authority (MFSA), and with more than 25 years of experience in financial services, has decided to join Malta-based Xcoins, a leading cryptocurrency exchange platform.
Xcoins’ dedication to ensuring the security and transparency of their platform was what prompted both the application of their Class 3 VFA licensing and receiving their In-Principle approval for it, as well as the cooperation with Falzon to manage risk.
Market risk is the greatest liability for cryptocurrency platforms, as cryptocurrencies are not backed by a central bank. Insurers might have concerns about providing insurance to these companies. However, in recent months the world’s first cryptocurrency asset insurance company was pioneered. According to Falzon, this is a great sign, as it is highly likely more insurance companies will begin to follow suit.
Where there is risk there is an opportunity- Karen Falzon, Chief of Risk at Xcoins
“Although I manage risk primarily, I also have a background in customer relations and business acumen - knowledge which is crucial to risk management. As the Chief of Risk, it’s my responsibility to also understand the full cycle of the business. It’s about finding a good balance between regulations and business success.”
Falzon believes that fintech and cryptocurrencies are the future. It’s because of the growth and fast-changing world of digital assets that she decided to move away from traditional financial services, into what she describes as a “...more exciting and challenging role.”
Xcoins, with its diverse, remote, and ever-growing team across more than 15 countries, was an attractive prospect for Falzon, who is herself from Malta. She said, “I was looking for a new position, but also wanted to have some sense of security that my new role would be in a stable company I could grow with.”
“We are happy to welcome experienced team members like Karen Falzon, as security and risk management are critical to the success and long-term growth of Xcoins. Hires like these will strengthen our compliance framework, allowing us to continue to evolve as a licensed cryptocurrency platform. We are always on the lookout for experienced talent in Malta and around the world,” said Rob Frye, CEO and co-founder of Xcoins.
Falzon joining as Chief of Risk, combined with Xcoins’ recent in-principle approval for the Class 3 VFA licensing from the MFSA, means that customers worldwide can rest assured that Xcoins is dedicated to their security. Licensed cryptocurrency exchange platforms follow important regulatory guidelines, and Falzon is committed to using her expertise and experience to work within those regulation frameworks to maintain Xcoins’ high standard of security.
For more information visit www.xcoins.com.