Nana Murugesan, the vice president of international and business development at Coinbase, has announced his departure from the crypto exchange after leading its global growth efforts.
Nana Murugesan, the vice president of international and business development at Coinbase, has decided to leave the crypto exchange in the first quarter of next year.
Murugesan played a key role in Coinbase’s international expansion and regulatory collaboration.
Murugesan joined Coinbase in 2019 and worked with its leadership team to establish and execute its international growth strategy. He helped Coinbase launch in new markets, acquire licenses, and build partnerships with regulators and stakeholders across the world.
Murugesan also co-authored the second phase of Coinbase’s “Go Broad, Go Deep” strategy, which outlines its plans to offer localized products and services to its customers in different regions.
He revealed in an interview that Coinbase has been working with finance ministries, central banks, and regulators in 24 countries, including G20 members and regions like Hong Kong, Switzerland, the United Arab Emirates, and Singapore.
Their goal is to establish clarity and guiding principles for cryptocurrency and Web3 regulation.
Nana Murugesan announced his departure in a LinkedIn post, where he expressed his gratitude and appreciation to the Coinbase team and community.
He said he would stay on as an advisor until July and facilitate the transition. He also hinted at his next adventure, saying he is “looking forward to building something new in the crypto space.”
Murugesan’s departure comes at a time when Coinbase faces regulatory challenges in the U.S. In June, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase for securities law violations.
The SEC alleged that Coinbase sold unregistered securities through its lending program, which offered interest on crypto deposits.
Coinbase denied the allegations and said it wass willing to cooperate with the SEC. However, the company also criticized the SEC for its lack of clarity and guidance on crypto regulation.
Coinbase CEO Brian Armstrong accused the SEC of “sketchy behavior” and “intimidation tactics” against the crypto industry.
Coinbase confirmed Murugesan’s departure and reaffirmed its commitment to the Go Broad, Go Deep strategy.
The company said it has capable regional managing directors and country directors in place and aims to accelerate the development of local products tailored to regional markets by decentralizing its international operations.
Coinbase is one of the world’s largest and most popular crypto exchanges, with over 73 million verified users and $2.1 trillion in trading volume in the third quarter of 2021.
The company went public in April and became the first crypto exchange to be listed on the Nasdaq.
