Coinbase head walks away from the firm

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By Degen Lipsa

After almost three years as the exchange’s director, a Coinbase executive has left the company.

Head of exchange and markets at colossal cryptocurrency exchange Coinbase, Vishal Gupta, has departed the organisation.

Shortly after Coinbase received a Formal notice from the US Securities and Exchange Commission, the executive left (SEC).

Vishal Gupta, who joined Coinbase in September 2020 as the company’s head of exchange and markets, announced his departure from the company in a stream of tweets on Monday (April 10, 2023).

The executive gave an overview of some of Coinbase’s achievements during his tenure there, including the growth of assets from 27 to 236 and the purchase of FairX, a platform for trading derivatives that was eventually renamed Coinbase Derivatives Exchange.

According to his LinkedIn page, Gupta worked at Goldman Sachs for eight years as vice president and head of US-listed options before joining the exchange. The development of Circle’s USDC was similarly spearheaded by the former CEO.

The departure of Gupta is the most recent in a long list of executives who have either left their jobs or departed cryptocurrency organisations, particularly during the bear market. In February 2023, Argo Blockchain’s CFO and executive director Alex Appleton resigned from his post; in October of previous year, BitMEX CEO Alexander Höptner did the same.

Battles Between Coinbase And US Authorities

Regulational obstacles have been present for Coinbase in the US. The SEC sent a Wells notice to the cryptocurrency exchange in March 2023, indicating that the company may have broken securities laws.

The company claimed it was not breaking any laws and was prepared to take any legal action, despite the exchange believing the SEC was targeting its staking service, spot market, Coinbase Prime, and Coinbase Wallet. Also, there were rumours that the major US cryptocurrency exchange was planning to launch a brand-new platform to cater to clients from around the world.

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