U.S.-based cryptocurrency exchange Coinbase is losing one of its top executives, as Head of Exchange Vishal Gupta has announced his decision to depart from the company. Gupta had been with Coinbase for more than two and a half years, following a successful career at leading traditional finance giant, Goldman Sachs.

According to Bloomberg, Gupta is departing from Coinbase to work on a new project, but no further details have been released at this time.

His departure comes at a time of great uncertainty for both the crypto industry and Coinbase itself. The industry has recently been hit with a series of bankruptcies and bank collapses, while Coinbase has been under scrutiny from the Securities and Exchange Commission.

Gupta’s departure is not the first high-profile exit from Coinbase. The company’s Chief Product Officer, Surojit Chatterjee, also left the exchange earlier this year, announcing his departure in 2022. These departures have raised questions about the stability and direction of the company.

Coinbase has been a leading player in the cryptocurrency industry, offering a user-friendly platform for buying, selling, and storing digital assets.

The company has experienced rapid growth in recent years, with revenue skyrocketing to over $1 billion in 2021. However, the company’s success has also attracted increased regulatory scrutiny, with the SEC recently targeting Coinbase’s lending program.