Coinbase’s Vishal Gupta leaves amid regulatory scrutiny
Vishal Gupta, one of crypto exchange Coinbase’s senior executives, is leaving the company. Coinbase is losing its head of exchange and markets at a critical time as it has been facing regulatory hurdles in the United States.
Gupta, who was part of the institution-focused section of the firm’s operations, made the information public in a tweet thread, confirming his resignation after nearly three years with Coinbase.
While not attesting that his departure is tied to a change of direction in the company, Gupta said he is leaving to ‘build out’ something else within the crypto space, though it’s unclear what will be his next destination.
Gupta joined Coinbase in 2020 and has since played a key role in the company’s growth and expansion. As a Product Lead, he was responsible for overseeing the development and execution of new products and features for Coinbase’s platform. Per his LinkedIn profile, he worked closely with Coinbase’s engineering, design, and business teams to identify new opportunities and create solutions that help customers buy, sell, and store cryptocurrencies.
Additionally, Gupta has been instrumental in the launch and growth of USDC stablecoin, which was launched in 2018 through a partnership between Circle and Coinbase. Before transitioning to the world of cryptocurrency, he worked at Goldman Sachs for eight years as vice president and head of US listed options.
“Together we made the Exchange a stable piece of the crypto ecosystem, expanded our assets from 27 to 236, and order books from 73 to 534. We grew Coinbase’s market share (of US enabled markets) from a low of ~35% in 2020 to a more recent high of ~65%. We acquired FairX and launched Coinbase Derivatives Exchange (a CFTC regulated DCM), which brings an amazing team and technology that will help power the future,” he wrote on Twitter.
There haven’t been any comments from Coinbase itself, but the timing is pivotal for the San Francisco crypto giant which was recently issued a Wells notice by the US Securities and Exchange Commission (SEC). Coinbase asked the SEC specifically to identify which assets on its platforms they believe may be securities, but the regulator declined to do so.
The legal notice serves as a warning for the company that regulators identified potential violations of federal securities laws or investor protection rules. The civil action may seek injunctive relief, disgorgement, and civil penalties, the company confirms.
