Vishal Gupta, head of exchange and markets at crypto exchange giant Coinbase, has left the company.

The executive’s departure comes shortly after Coinbase was issued a Wells notice by the US Securities and Exchange Commission (SEC).

Another Crypto Exec Leaves Company

In a tweet thread on Monday (April 10, 2023), Vishal Gupta announced that he was leaving Coinbase after serving as the firm’s head of exchange and markets for nearly three years, a position he took up in September 2020.

The executive detailed some of the accomplishments by Coinbase during his time there, which included the expansion of assets to 236 from 27 and the acquisition of the derivatives platform FairX which was later rebranded to Coinbase Derivatives Exchange.

Before joining the exchange, Gupta was vice president and head of US-listed options at major investment bank Goldman Sachs for eight years, as stated on his LinkedIn profile. The former Coinbase executive also led the launch and growth of Circle’s USDC.

While a Bloomberg report stated that the executive was leaving the firm to work on a new project, citing an anonymous source, Gupta said his next focus was to build, without giving out any further information.

5/6 Above all, I’m proud of the team we’ve created at @coinbaseexch. It’s been an honor to work alongside the Coinbase exec team and I wanted to express my deep appreciation for the leadership opportunities @brian_armstrong , @surojit , @GregTusar , and others have provided me

— Vishal K. Gupta (@vishalkgupta) April 10, 2023

Gupta’s departure is the latest in the long list of executives who have either resigned from their positions or left crypto companies, especially amid the bear market. Alex Appleton, CFO and executive director of bitcoin miner Argo Blockchain, stepped down from his position in February 2023, while BitMEX CEO Alexander Höptner also departed his leadership role last October.

Coinbase Battling With US Regulators

Meanwhile, Coinbase has been facing regulatory hurdles in the United States. In March 2023, the crypto exchange received a Wells notice from the SEC, with the regulator stating that the company may have contravened securities laws.

While the exchange believed the SEC was targeting its staking service, spot market, Coinbase Prime, and Coinbase Wallet, the company said it was not violating any law and was ready to face any legal action. There were also reports that the American crypto exchange giant was looking to set up a new platform that would service global clients.