Vishal Gupta’s departure comes shortly after the US Securities and Exchange Commission (SEC) issued a Wells notice to the company
The head of exchange and markets at crypto exchange giant Coinbase, Vishal Gupta, has left the firm.
Gupta’s departure comes shortly after the US Securities and Exchange Commission (SEC) issued a Wells notice to the company.
In a tweet on Monday, the executive announced that he was leaving Coinbase after serving as the company’s head of exchange and markets for around three years, a position he took up in September 2020.
Gupta detailed some of the achievements of the company during his tenure there, which included the growth of assets from 27 to 236 and the purchase of the derivatives platform FairX which was later renamed to Coinbase Derivatives Exchange.
Prior to joining Coinbase, Gupta was VP and head of US-listed options at Goldman Sachs for eight years, according to his LinkedIn profile. Gupta also steered the launch and growth of Circle’s USD Coin.
According to a Bloomberg report, Gupta was leaving the company to work on a new project, citing an unnamed source. Gupta stated his next focus was to build, without providing more information.
The executive’s departure is the latest in the series of executives who have either resigned from their positions or left crypto firms, specifically amid the bear market. Alex Appleton, Chief Financial Officer and executive director of bitcoin miner Argo Blockchain, stepped down from his position in February this year, while BitMEX Chief Executive Officer Alexander Hoptner also left his leadership role in October 2022.
In the meantime, Coinbase has been facing regulatory issues in the US. In March this year, Coinbase received a Wells notice from the Securities and Exchange Commission, with the regulator stating that the firm may have breached securities laws.
While the exchange believed the Securities and Exchange Commission was targeting its staking service, spot market, Coinbase Prime, and Coinbase Wallet, the firm said it was not breaching any law and was prepared to face any legal action. There were also reports that Coinbase was looking to set up a new platform that would serve clients globally.
