Vishal Gupta, the head of exchange and markets at Coinbase, has departed the business. The executive’s departure comes shortly after the US Securities and Exchange Commission (SEC) issued Coinbase a Wells notice. Vishal Gupta announced his departure from Coinbase in a Twitter thread on Monday (April 10, 2023), following almost three years as the company’s head of exchange and markets, a job he assumed in September 2020.
The CEO outlined some of Coinbase’s successes during his tenure, including the expansion of assets from 27 to 236 and the purchase of the derivatives platform FairX, which was later renamed as Coinbase Derivatives Exchange.
According to his LinkedIn page, Gupta was vice president and head of US-listed options at prominent investment firm Goldman Sachs for eight years before joining the exchange. The former Coinbase executive was also instrumental in the introduction and expansion of Circle’s USDC.
While a Bloomberg article citing an unidentified source indicated that the executive was leaving the business to concentrate on a new project, Gupta stated that his next goal was to build, without providing any other details.
Gupta’s exit is the latest in a long line of CEOs who have either resigned or departed crypto firms, particularly during the downturn market. Alex Appleton, CFO and executive director of bitcoin miner Argo Blockchain, retired in February 2023, while BitMEX
Coinbase Battle With US Regulators
Meanwhile, Coinbase has been facing regulatory hurdles in the United States. In March 2023, the crypto exchange received a Wells notice from the SEC, with the regulator stating that the company may have contravened securities laws.
While the exchange believed the SEC was targeting its staking service, spot market, Coinbase Prime, and Coinbase Wallet, the company said it was not violating any law and was ready to face any legal action. There were also reports that the American crypto exchange giant was looking to set up a new platform that would service global clients.