Mayur Kamat, the Global Head of Product at Binance, has resigned from his position, becoming the latest in a string of top executives to depart the cryptocurrency exchange.
Binance confirmed Kamat's departure in a statement provided to Decrypt, expressing gratitude for his contributions during a period of significant growth:
"We can confirm that Mayur has stepped down from his role as product lead,” said a a Binance spokesperson. “We are grateful to him for helping guide Binance through some of our most explosive growth, and we wish him the very best."
Mayur Kamat, who previously worked at tech giants including Google, Microsoft, and Agoda, joined Binance in January 2022. According to his LinkedIn profile, he played a key role in expanding the crypto exchange's user base from 80 million to over 150 million within 18 months through the introduction of various product offerings.
Kamat also claimed to have contributed significantly to the launch and success of Binance features such as Feed, Tax, and CeDeFi.
Binance is by far the industry’s largest centralized exchange, with trading volumes over the past 24 hours exceeding $4.4 billion, according to CoinGecko.
Binance execs exit
This latest departure follows a series of high-profile exits from Binance, including Patrick Hillmann, who served as Chief Strategy Officer until July 2023, Steven Christie, the Senior Vice President for Compliance, and Hon Ng, the General Counsel, who all left the company in July.
Binance has faced challenges in recent months, including increased regulatory scrutiny in various jurisdictions.
In the U.S., the Securities and Exchange Commission (SEC) filed a lawsuit against Binance, alleging that millions of dollars was moved between companies owned by CEO Changpeng “CZ” Zhao in a wash trading scheme, while the exchange itself has been operating as an unlicensed securities exchange.
The Commodity Futures Trading Commission (CFTC) also sued Binance earlier this year for what it alleges are violations of U.S. trading and derivatives rules.
Binance’s parent company is registered in the Cayman Islands, however, the exchange states it does not have an official headquarters.
Zhao has taken aim at "fake news" coverage of Binance, accusing the exchange's naysayers of spreading FUD (fear, uncertainty, and doubt).
Just last week, Zhao accused Binance’s critics of attempting to paint his company as akin to the failed crypto exchange FTX. He also stated that Binance is "way ahead of the game in terms of regulatory compliance" and that the exchange has only proved its strength by maintaining its large user base and market share.
The Binance CEO used similar rhetoric in July following the resignation of several of the exchange's top executives, saying that “turnovers” happen at every company and adding that, "the reasons dreamed up by the 'news' are completely wrong."
Zhao also hit back at media reports claiming Binance had laid off thousands of employees, saying that “the numbers reported by media are all way off.”
Last month, Binance announced that Kristen Hecht, who previously held the position of Global Head of Corporate Compliance, was appointed the company’s new Deputy Chief Compliance Officer (CCO) and Global Money Laundering Reporting Officer (GMLRO).