Coinspeaker
Binance Faces Another Executive Departure as Its Global Head of Product Resigns
Binance, the world’s largest cryptocurrency exchange, is experiencing another high-profile exit as Mayur Kamat, the Global Head of Product and Design, resigns from his role. Kamat’s departure is the latest in a series of executive exits in recent months.
A spokesperson for Binance confirmed Kamat’s resignation in an emailed statement thanking him for his contributions during a period of substantial growth.
“We can confirm that Mayur has stepped down from his role as product lead, and we are grateful to him for helping guide Binance through some of our most explosive growth, and we wish him the very best,” said a Binance spokesperson.
Two Decades of Product Managerial Experience
Kamat, who joined Binance in April 2022, played a significant role in the exchange’s growth, overseeing product launches that contributed to a user base expansion from 80 million to over 150 million in 18 months. Kamat cited “personal reasons” for his resignation and expressed gratitude to Binance’s leadership team, including founder Changpeng Zhao (CZ).
While speaking to The Block news media about the resignation, the former Binance product head said he has been working in the field for over 20 years.
“I have worked closely with product leads to ensure a seamless transition. It is also a good time for me to personally take some time off after 20 years of non-stop product work. It has been an experience of a lifetime working at Binance and seeing our user base grow. Thanks to CZ and the entire leadership team for this amazing opportunity. I will be cheering Binance from the sidelines.”
Kamat’s decision to step down follows a string of senior executives leaving the company recently, including Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng.
These departures are closely linked to regulatory scrutiny, particularly from US authorities. Binance has faced increasing pressure from regulators, including the US Securities and Exchange Commission (SEC), which filed a lawsuit against the exchange, and its CEO, Changpeng Zhao (CZ), in June.
The SEC alleged a range of violations, including artificially inflating trading volumes, diverting customer funds, and failing to prevent U.S. customers from using the platform. Binance has strongly contested these allegations and vowed to defend itself vigorously in court.
2000 Available Positions for Job Seekers on Binance
Despite the recent wave of executive departures from Binance, the company said in June that it was embarking on a hiring spree with more than 2,000 available positions. The company’s co-founder, Yi He, said the exchange had open jobs for engineers, product managers, and business positions.
“The crypto space is still in its early stages, and bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build the industry. We see this as a great time to bring on top talent,” said he.
Surprisingly, one month after the disclosure, Binance reportedly embarked on job cuts that affected more than 1,000 employees. However, CZ posted on X that the reported numbers “are all way off”, adding that the company is “still hiring”.
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Binance Faces Another Executive Departure as Its Global Head of Product Resigns