Nana Murugesan, the Vice President of International and Business Development at Coinbase, is stepping down from his position amid the U.S. exchange’s global expansion efforts. Murugesan announced his departure in a post on X today, revealing that he will officially leave the company in the first quarter of next year but will continue to serve as an advisor until July.
In his statement, Murugesan expressed gratitude for his two years at Coinbase, contributing to the foundation for international growth alongside Brian, Emilie, and the team. He mentioned his readiness to embark on a new adventure after aiding in the transition at Coinbase. Murugesan assured that the team is now in capable hands, with regional managing directors and country directors in place worldwide.
Coinbase’s focus on international expansion remains evident, particularly as it navigates regulatory challenges in its home country. Murugesan’s departure coincides with the ongoing global expansion drive and regulatory disputes, such as the U.S. Securities and Exchange Commission’s lawsuit against Coinbase in June for alleged securities law violations.
Highlighting Coinbase’s commitment to international growth, Murugesan co-authored a post in September outlining the second phase of the company’s “Go Broad, Go Deep” strategy for overseas expansion. Last month, Coinbase secured a full license in Singapore, facilitating the provision of a broader range of Digital Payment Token services in the region.
In a September interview, Murugesan emphasized Coinbase’s collaboration with finance ministries, central banks, and regulators to advocate for shared principles among nations. He expressed Coinbase’s proactive involvement in 24 countries, including G20 members, Hong Kong, Switzerland, the United Arab Emirates, and Singapore, aiming for clarity, consensus, and guiding principles in regulating crypto and web3.
A spokesperson for Coinbase, confirming Murugesan’s departure, stated that the company is reinforcing its commitment to the “Go Broad, Go Deep” plan. They highlighted a year of significant momentum and emphasized the decentralization of international operations as a strategy to expedite progress, allowing the company to develop local products tailored to specific markets and achieve ambitious international goals.