Coinbase’s Vishal Gupta leaves amid regulatory scrutiny

abdelaziz Fathi

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.

Coinbase

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.

Read this next

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

<