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Coinbase Custody is regulated by the New York Department of Financial Services and audited by Deloitte & Touche. The custody services will be a vital part of operations for potential spot-Bitcoin ETF managers.

Coinbase Global Inc.’s head of custody Aaron Schnarch left the company in recent weeks, the spokesperson added. He was replaced in August by Rick Schonberg, who has been with Coinbase since 2021 and previously worked with Goldman Sachs.

As Coinbase undergoes changes in preparation for Spot Bitcoin ETFs, the exchange says it has “extensively prepared” for Bitcoin ETF approval. “We have extensively prepared for ETF approval,” a Coinbase spokesperson said in a statement. “Our systems have been designed and tested to handle added trading volume, increased liquidity, and general increases in demand on our systems.”

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