Amid recent high-level departures, Binance’s SVP and Global Head of Product lead, Mayur Kamat, has reportedly resigned from the crypto exchange. Media reports confirmed Kamat’s exit on Monday.
A Binance representative told the paper,
“We can confirm that Mayur has stepped down from his role as product lead. We are grateful to him for helping guide Binance through some of our most explosive growth and we wish him the very best.”
Binance Product Lead Kamat Exits for ‘Personal Reasons’
Expressing gratitude for the opportunity to work at Binance, Kamat told the Block, “It is time for me to step down and transition product leadership to Binance’s next-gen leaders.” He continued,
“It is also a good time for me personally to take some time off after 20 years of non-stop product work.”
Notably, he thanked Binance chief Changpeng ‘CZ’ Zhao while stating that he was “cheering” for the exchange on the sidelines.
Read more: 7 Best Binance Alternatives in 2023
Kamat’s LinkedIn profile highlights his accomplishments during his tenure at Binance. He said he “spearheaded global product and design teams at Binance” and played a pivotal role in elevating “Binance’s user base from 80 million to over 150 million” in a span of 18 months.
He also noted being instrumental in the launch and success of innovative features like Feed, Tax, and CeDeFi.
High-Profile Exits Could Shake the Exchange Amid SEC Action
Kamat’s departure follows many high-profile exits. It includes names like Patrick Hillmann, who was the Chief Strategy Officer until July 2023 and joined Binance in 2021 to shape the company’s long-term vision.
Steven Christie, the Senior Vice President for Compliance, and Hon Ng, the General Counsel, both left the company in July 2023. Christie managed the company’s global regulatory compliance, while Ng provided critical legal counsel. Yibo Ling, Binance’s U.S. Chief Business Officer, also departed from the exchange around the same period.
The exodus of top executives comes at a challenging time for Binance. This year, the company found itself at odds with U.S. and international regulators.
On June 5, the U.S. Securities and Exchange Commission (SEC) initiated a lawsuit against Binance, accusing Binance Holdings Ltd., its U.S. subsidiary BAM Trading Services Inc., and the company’s founder, Changpeng Zhao, of multiple infractions. The SEC recently made a confidential legal move in a ‘sealed filing’ against Binance, with the exact details remaining concealed from the public.
Industry insiders suggest two possible motivations for the SEC’s action, highlighting what could be next for the exchange. One is that there might be an ongoing criminal probe led by the U.S. Department of Justice (DOJ) against the exchange. This means the DOJ, SEC, and CFTC are scrutinizing Binance’s operations.
Notably, Binance has been in business for almost six years. However, during this rough patch,
It has laid off nearly 1,000 staffers in recent months, as per reports.
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