Coinbase Exchange Loses Top Honcho Amid Ongoing Crypto Crackdown

Coinbase, one of the largest centralized cryptocurrency exchange platforms in the world, lost another top executive this month on the heels of the ongoing crackdown launched by various financial regulators in the U.S. in the cryptocurrency space.

Vishal Gupta, the head of exchange and markets, is exiting the company after serving the exchange giant for almost three years. He filled the position in September 2020.

"After an amazing 2.5 years at @Coinbase, I've decided it's time for me to move on. As Head of Exchange/Markets @Coinbase, I'm proud of the accomplishments we achieved together," the executive said in a Twitter thread.

Gupta shared some details on his accomplishments while sitting as the head of exchange and markets at the exchange giant. This includes the expansion of assets from 27 to 236, as well as the acquisition of FairX, the derivatives platform, which the exchange later rebranded to Coinbase Derivatives Exchange.

"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 @coinbaseexch's market share (of US-enabled markets) from a low of ~35% in 2020 to a more recent high of ~65%," Gupta continued.

"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 further said.

Before joining Coinbase, Gupta helped lead the launch of Circle's digital stablecoin USD Coin (USDC) and was the vice president and head of U.S. listed operations at the investment bank Goldman Sachs for eight years.

A recent report claimed that Gupta will remain in the cryptocurrency industry and that he left Coinbase to work on a new project, but he did not confirm any of this in his tweet, but said he is going to build.

"What's next? I still think there's a lot to build out there, and that's just what I'm going to do - Build! Stay tuned for my next act," the executive said.

Gupta's departure from the exchange giant came weeks after Coinbase received a Wells notice from the U.S. Securities and Exchange Commission (SEC).

In March, Brain Armstrong, the co-founder and CEO of Coinbase, confirmed that the company received the Wells notice from the SEC which centers on the exchange's staking and asset listing and noted that the crypto firm is prepared to appear before the court to defend its name and reputation. "We are right on the law, confident in the facts," he claimed at the time.