Mayur Kamat, Global Head of Product at Binance, Resigns from Position

Crypto News– Amid ongoing regulatory challenges, cryptocurrency exchange Binance has experienced another departure from its senior leadership team. Mayur Kamat, who held the position of global head of product and design at Binance, has resigned, according to an insider source familiar with the situation.

Mayur Kamat, Global Head of Product at Binance, Resigns from Position

A Binance spokesperson confirmed Kamat’s departure, stating, “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.“

Kamat himself confirmed his decision to leave Binance, citing “personal reasons” as the motivation behind his departure. He expressed his commitment to ensuring a smooth transition of product leadership to the next generation of leaders within Binance. After two decades of continuous work in the field of product development, Kamat acknowledged that it was an opportune moment for him to take a break. He also expressed gratitude for the experience of working at Binance and witnessing its user base expansion, extending his appreciation to Binance founder Changpeng Zhao (CZ) and the entire leadership team. Kamat concluded by stating his intention to support Binance from the sidelines.

Kamat joined Binance in April 2022, bringing with him a wealth of experience from prominent companies such as Google, Microsoft, and Agoda. During his tenure at Binance, he played a pivotal role in facilitating the growth of the platform, overseeing various product launches that contributed to the user base’s expansion from 80 million to over 150 million within 18 months, as indicated on his LinkedIn profile.

Binance Faces Ongoing Exodus of Senior Executives

Kamat’s departure is just one in a series of senior executive exits at Binance. The Block reported recently that Leon Foong, who served as Binance’s Asia-Pacific head, also left the cryptocurrency exchange. In addition to Kamat and Foong, other notable departures from Binance include Patrick Hillman, who held the position of chief strategy officer, Hon Ng, the general counsel, and Yibo Ling, who served as chief business officer.

Binance currently finds itself embroiled in a regulatory dispute with U.S. authorities, including the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). These agencies have leveled various allegations and cited compliance failures against Binance and its founder, Changpeng Zhao (CZ).

In the wake of these regulatory challenges, Binance’s market share has witnessed a decline in recent months. While the exchange held a dominant 63% market share in spot trading volumes in February, this figure has since decreased to approximately 47%, according to data from The Block’s Data Dashboard. Nevertheless, Binance retains its position as the world’s largest spot cryptocurrency exchange.