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Coinbase, the US-based cryptocurrency exchange, is making headlines with a critical departure. Nana Murugesan, the international and business development vice president of the cryptocurrency exchange, announced that he will be leaving the company in the first quarter of next year.
Nana Murugesan’s Departure
Nana Murugesan, the international and business development vice president of Coinbase, announced that he will be leaving the US exchange in the midst of its global expansion efforts. In a tweet from his personal Twitter account, Murugesan stated that he will be departing from the company in the first quarter of the coming year, but will remain as an advisor until July. He expressed that after his two years at Coinbase, he will embark on his next adventure and assured that the team is in capable hands with regional managers and country directors around the world.
The timing of this departure news coinciding with Coinbase’s challenges with regulators during its international expansion efforts is noteworthy. It should be noted that the US Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase in June, alleging violations of securities laws.
Coinbase’s International Expansion Strategy: Expand, Deepen
In September, Coinbase announced in a joint article with Murugesan that it had entered the second phase of its overseas expansion strategy, titled “Expand, Deepen.” As part of this strategy, the exchange obtained a full license in Singapore last month, enabling it to offer a wider range of Digital Payment Token services in the region.
Murugesan had stated that these efforts aimed to create regulations around shared principles globally. The significant progress made in Coinbase’s “Expand, Deepen” strategy and the decentralization of international operations have helped the company achieve its goals more quickly. Additionally, it has assisted in reaching international objectives by creating local products for local markets.
A Coinbase spokesperson confirmed Murugesan’s departure, highlighting that the “Expand, Deepen” strategy has gained significant momentum and that the decentralization of international operations and the creation of suitable products for fast and local markets have helped in achieving ambitious international goals. The spokesperson emphasized that following Murugesan’s departure, the team focusing on Coinbase’s international expansion aims to establish regulations around specific principles worldwide.
