Mayur Kamat quit his job as Global Head of Product at Binance, the biggest cryptocurrency exchange in the world, according to sources.
Since the beginning of the year, the company has had to deal with a string of executive departures, job cuts, and legal changes.
An exchange statement to The Block confirmed the departure. “Mayur has resigned as product lead. He guided Binance through some of our most spectacular growth, and we wish him the best.”
Mayur Kamat claimed he was departing for “personal reasons and finishing the transition.”
Binance’s next-gen leaders will lead the product when I leave. I helped product leads ensure a smooth transition. I should rest after 20 years of product creation. Growing our user base at Binance has taken a lifetime. The Binance executive team and founder Changpeng Zhao deserve thanks for this great opportunity. Sideline Binance cheers Former Product Head Mayur Kamat.
From Google, Microsoft, and Agode, Mayur Kamat joined Binance in April 2022. LinkedIn says he introduced 80 million users to 150 million in 18 months. Feed, Tax, and CeDeFi were launched by him and were successful.
Read also: MasterCard suspends Binance’s crypto card contract
Trouble at Binance continues
This departure follows other high-profile departures from the top exchange. These include Patrick Hillmann, Chief Strategy Officer until July 2023; Steven Christie, Senior Vice President for Compliance; and Hon Ng, General Counsel, who left in July.
US Chief Business Officer Yibo Ling left the exchange at about this time. This flight of key executives comes at a difficult time for the number one crypto exchange, which has clashed with US, Nigerian, and global regulators all year.
In June, the SEC sued Binance Holdings Ltd., a subsidiary, for multiple violations. The SEC has sued the exchange and CEO Changpeng Zhao for a “web of deception,” alleging 13 offenses, including inflating trading volumes, diverting customer cash, and failing to prohibit US customers from its platform.
Nigeria’s SEC has ruled the company’s operations illegal and cautioned citizens against trading on the exchange. According to a July Wall Street Journal story, Binance laid off over 1,000 employees.
There are many theories about what’s happening at Binance, but the DOJ is likely investigating the exchange. The SEC recently filed a ‘sealed filing’ against Binance, with details kept private.
With all the problems Binance is having right now, it is best to keep your money and assets away from centralized cryptocurrency platforms, at least for now.