Coinbase Head Of Exchange Exits The Platform

Updated: 11 April 2023

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What- Vishal Gupta, Coinbase’s Head of Exchange, exits the platform
Why- Gupta’s departure comes amid legal and regulatory scrutiny at Coinbase
What Next- The Head of Exchange is yet to give his comments concerning his departure from the crypto exchange

Vishal Gupta, a top executive in a crypto platform, Coinbase, is leaving the company. Others speculate that he might be venturing into a new project. According to a Bloomberg report, the new project’s effort is yet to be precise. However, Gupta will remain in the crypto space, according to a person familiar with the matter.

Prior to his time at Coinbase, Gupta was the head of USD Coin for stablecoin issuer Circle. He notably spent eight years as a vice president for Goldman Sachs and head of US-listed options. He joined the crypto exchange, Coinbase in 2020, as he revealed that he was up for the task. The Head Exchange said:

I’m happy to announce that I have joined Coinbase as the Head of the Exchange. I look forward to the challenge and working with an incredible team.

On the other hand, the former FTX CEO, Sam Bankman-Fried, was among the first people to welcome Gupta to his position on the platform.

Coinbase recent regulatory scrutiny

Gupta’s departure comes amid legal and regulatory scrutiny at Coinbase. In March, the exchange platform received a Wells Notice from the United States Securities and Exchange Commission (SEC) alleging a potential enforcement action. Additionally, Coinbase is backing plaintiffs in a lawsuit against the U.S. Treasury Department’s Office of Foreign Asset Control for its claims to sanction the Tornado cash mixer.

In the filing, the plaintiffs claim that OFAC breached a section of the IEPPA that allows the Treasury to take action against the property in which a foreign nation is interested. Further, the plaintiffs argued that about 20 smart contracts that provide Tornado Cash functionality should not be considered property under IEEPA because they cannot be owned.

However, Gupta has not commented on his employment status at Coinbase. Apart from Gupta, Coinbase’s Chief Product officer, Surojit Chatterjee, left the exchange earlier this year after revealing his departure early last year. Gupta is yet to respond to Inside Bitcoins concerning the departure.