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Vishal Gupta, who served as the head of exchange and markets at the prominent crypto exchange Coinbase, has departed from the company.
This executive’s exit follows closely after Coinbase received a Wells notice from the US Securities and Exchange Commission (SEC).
Another Crypto Executive Exits
In a tweet thread on Monday (April 10, 2023), Vishal Gupta shared his decision to leave Coinbase after nearly three years in the role of head of exchange and markets, a position he assumed in September 2020.
Gupta highlighted several achievements during his tenure at Coinbase, which included increasing the number of assets from 27 to 236 and acquiring the derivatives platform FairX, which was subsequently rebranded as Coinbase Derivatives Exchange.
Prior to his time at the exchange, Gupta held the position of vice president and head of US-listed options at the prominent investment bank Goldman Sachs for eight years, according to his LinkedIn profile. The former Coinbase executive also played a key role in the launch and development of Circle’s USDC.
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While a Bloomberg report indicated that Gupta was leaving to pursue a new project, citing an unnamed source, he mentioned that his next focus would be on building, without providing additional details.
Gupta’s departure adds to the growing list of executives who have resigned or left crypto firms, particularly during the ongoing bear market. Alex Appleton, CFO and executive director of bitcoin miner Argo Blockchain, resigned from his position in February 2023, while BitMEX CEO Alexander Höptner also left his leadership role last October.
Coinbase Facing Challenges with US Regulators
In the meantime, Coinbase has been encountering regulatory challenges in the United States. In March 2023, the crypto exchange received a Wells notice from the SEC, which indicated that the company might have violated securities laws.
While the exchange believed the SEC was focusing on its staking service, spot market, Coinbase Prime, and Coinbase Wallet, the company asserted that it was not breaching any laws and was prepared to confront any legal actions. There were also reports suggesting that the American crypto exchange giant was exploring the establishment of a new platform aimed at serving global clients.
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