- According to COINOTAG’s information from a reliable source, Mayur Kamat, the global head of product and design at Binance, has resigned.
- Kamat joined Binance in April 2022 after working at companies like Google, Microsoft, and Agoda.
- Last week, as reported by COINOTAG, Leon Foong, the president of Binance’s Asia-Pacific region, left the crypto exchange.
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As Binance grapples with regulatory challenges in the United States, it continues to lose top executives; this marks the second resignation in a row!
Another Departure at Binance Exchange
Due to regulatory issues, Binance has lost another high-level executive. According to information from a source familiar with the matter, Mayur Kamat, Binance’s global head of product and design, has resigned.
A Binance spokesperson confirmed, ‘We can confirm Mayur has stepped down from his role as product lead,’ and added:
‘We are grateful to him for helping steer Binance through its most explosive growth and wish him the very best.’
Kamat also confirmed his departure, stating that he left Binance for ‘personal reasons’ and has completed the transition process. Kamat made the following statements regarding the matter:
‘Now, it is time for me to depart and hand over product leadership to Binance’s new generation of leaders. I have helped facilitate a smooth transition by working closely with the product leaders. At the same time, it’s a good time for me as someone who has worked continuously in product for 20 years to take a break. Working at Binance and witnessing our user base grow has been a lifelong experience. I would like to thank CZ and the entire leadership team for this fantastic opportunity.’
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Kamat had joined Binance in April 2022 after working at companies like Google, Microsoft, and Agoda. According to his LinkedIn profile, he had increased Binance’s user base from 80 million to over 150 million in 18 months with the launch of several products.
Binance Continues to Lose Top Executives
Kamat is one of several high-level executives who have recently left Binance. Last week, as reported by COINOTAG, Leon Foong, Binance’s president for the Asia-Pacific region, departed from the crypto exchange. Other recent departures from Binance include Vice President Patrick Hillman, General Counsel Hon Ng, and Vice President Yibo Ling.
Binance is currently in a regulatory battle with U.S. regulators. The U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) have accused Binance and its CEO, Zhao, of a series of violations and compliance failures.
Binance’s market share has dwindled in recent months due to regulatory challenges. According to recent data, the crypto exchange held a 63% market share in spot trading volume in February, which has now dropped to around 47%. However, Binance still maintains its position as the world’s largest spot crypto exchange.