Binance Head of Product Is Latest Exec to Depart Crypto Exchange

Mayur Kamat, the World Head of Product at Binance, has resigned from his place, turning into the newest in a string of high executives to depart the cryptocurrency trade.

Binance confirmed Kamat’s departure in a press release offered to Decrypt, expressing gratitude for his contributions throughout a interval of serious progress:

“We will verify that Mayur has stepped down from his function as product lead,” mentioned a a Binance spokesperson. “We’re grateful to him for serving to information Binance by way of a few of our most explosive progress, and we want him the perfect.”

Mayur Kamat, who beforehand labored at tech giants together with Google, Microsoft, and Agoda, joined Binance in January 2022. In keeping with his LinkedIn profile, he performed a key function in increasing the crypto trade’s consumer base from 80 million to over 150 million inside 18 months by way of the introduction of varied product choices.

Kamat additionally claimed to have contributed considerably to the launch and success of Binance options equivalent to Feed, Tax, and CeDeFi.

Binance is by far the business’s largest centralized trade, with buying and selling volumes over the previous 24 hours exceeding $4.4 billion, in accordance with CoinGecko.

Binance execs exit

This newest departure follows a sequence of high-profile exits from Binance, together with Patrick Hillmann, who served as Chief Technique Officer till July 2023, Steven Christie, the Senior Vice President for Compliance, and Hon Ng, the Common Counsel, who all left the corporate in July.

Binance has confronted challenges in latest months, together with elevated regulatory scrutiny in varied jurisdictions.

Within the U.S., the Securities and Alternate Fee (SEC) filed a lawsuit towards Binance, alleging that tens of millions of {dollars} was moved between corporations owned by CEO Changpeng “CZ” Zhao in a wash buying and selling scheme, whereas the trade itself has been working as an unlicensed securities trade.

The Commodity Futures Buying and selling Fee (CFTC) additionally sued Binance earlier this 12 months for what it alleges are violations of U.S. buying and selling and derivatives guidelines.

Binance’s guardian firm is registered within the Cayman Islands, nevertheless, the trade states it doesn’t have an official headquarters.

Zhao has taken purpose at “pretend information” protection of Binance, accusing the trade’s naysayers of spreading FUD (worry, uncertainty, and doubt).

Simply final week, Zhao accused Binance’s critics of trying to color his firm as akin to the failed crypto trade FTX. He additionally acknowledged that Binance is “method forward of the sport by way of regulatory compliance” and that the trade has solely proved its energy by sustaining its giant consumer base and market share.

The Binance CEO used related rhetoric in July following the resignation of a number of of the trade’s high executives, saying that “turnovers” occur at each firm and including that, “the explanations dreamed up by the ‘information’ are utterly improper.”

Zhao additionally hit again at media stories claiming Binance had laid off 1000’s of workers, saying that “the numbers reported by media are all method off.”

Final month, Binance introduced that Kristen Hecht, who beforehand held the place of World Head of Company Compliance, was appointed the corporate’s new Deputy Chief Compliance Officer (CCO) and World Cash Laundering Reporting Officer (GMLRO).