Coinbase’s executive responsible for international expansion, Nana Murugesan, will leave the firm in 2024 amid EU expansion.
Coinbase’s Vice President of International and Business Development, Nana Murugesan, is leaving the crypto exchange as the company seeks to expand services in Europe under the new Markets in Crypto-Assets (MiCA) regulation.
Although Murugesan did not elaborate on the reason for the move, he said in an X post on Nov. 13 that he will leave the company in Q1 2024. However, he will stay at the firm as an advisor until July 2024. As of press time, it is unclear who will replace him.
Murugesan joined Coinbase in January 2022 as the Vice President of International and Business Development to “lead business development and international operations teams.” Before that, Murugesan held several positions at Snap Inc., Samsung Electronics, and The Boston Consulting Group.
The departure announcement comes just a few weeks after Coinbase said it had applied for a license under the MiCA regime. At the time, Murugesan said the exchange decided to continue working in the European Union through its base in Ireland.
The MiCA framework requires crypto companies to obtain authorization from a national competent authority before offering their services in the EU. It also imposes capital requirements, governance standards, disclosure obligations, and consumer rights.