Binance, which recently lost its senior executives, made headlines this time with the resignation of global product head Mayur Kamat.
Binance has lost another top executive amid regulatory woes. Binance’s global head of product and design Mayur Kamat has officially resigned. Kamat is among several senior executives who have left Binance recently. Last week, it was reported that Binance’s Asia-Pacific president Leon Foong left the stock exchange. Other recent departures from Binance include chief strategy officer Patrick Hillman, general counsel Hon Ng, and chief operating officer Yibo Ling.
Mayur Kamat spoke about his resignation
The fact that so many prominent people left Binance in a short time created a huge impact on social media platforms. In particular, Patrick Hillman’s departure from the stock market brought with it many theories. It is eagerly awaited who will be the next person to leave Binance, which recently came to the fore with the resignation of global product head Mayur Kamat.
Kamat, who announced that he officially left Binance, made statements on the subject. Kamat, who showed a generally positive approach, said:
“It is time for me to step down and hand over product leadership to Binance’s next generation of leaders. I worked closely with product leaders to ensure a smooth transition. It’s also a good time for me personally to take a break after 20 years of continuous product work. Working at Binance has been the experience of a lifetime and we are seeing our User base growing. Thanks to CZ and the entire leadership team for this amazing opportunity. I will support Binance from the sidelines.”
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- Binance’s global head of product Mayur Kamat has resigned.
- Kamat is among several senior executives who recently left Binance due to regulatory issues.
Crypto exchange Binance has lost another top executive amid regulatory woes. According to information given to The Block by a source with knowledge of the matter, Binance’s global head of product and design Mayur Kamat resigned.
“We can confirm that Mayur has resigned from his role as product lead,” a Binance spokesperson told The Block. “We are grateful to him for guiding Binance through some of our most explosive growth, and we wish him the best.”
Kamat also confirmed his departure, saying he left Binance for “personal reasons” and has completed the transition.
“It is time for me to step down and hand over product leadership to the next generation of leaders at Binance,” Kamat told The Block. “I worked closely with product leaders to ensure a smooth transition. It’s also a good time for me personally to take a break after 20 years of continuous product work. Working at Binance has been the experience of a lifetime and we are seeing our User base growing. Thanks to CZ [Binance founder Changpeng Zhao] and the entire leadership team for this amazing opportunity. “I will be supporting Binance from the sidelines,” he added.
Kamat joined Binance in April 2022 after working at companies such as Google, Microsoft and agoda. Through various product launches, he helped Binance grow its user base from 80 million to over 150 million in 18 months, according to his LinkedIn profile.
Binance continues to lose top executives
Kamat is among several senior executives who have left Binance recently. Block reported last week that Leon Foong had left the crypto exchange. Other recent departures from Binance include chief strategy officer Patrick Hillman, general counsel Hon Ng, and chief operating officer Yibo Ling.
Binance is currently in a regulatory battle with regulators in the US. The U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission recently charged Binance and Zhao with a series of violations and compliance failures.
Binance’s market share has declined in recent months due to regulatory challenges. The crypto exchange had a 63% market share of spot trading volumes in February, which is now down to around 47%, according to The Block’s Data Dashboard. However, Binance remains the largest spot crypto exchange in the world.
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