Mayur Kamat, the global product head of Binance, the world’s largest cryptocurrency exchange, has resigned. Kamat is one of several top executives who have left Binance recently due to regulatory difficulties.
Binance, the cryptocurrency exchange, has lost another top executive in the midst of its regulatory troubles. A source familiar with the matter said that Mayur Kamat, the global product and design head of Binance, has resigned.
A spokesperson for Binance confirmed Kamat’s departure from the role of product head, saying, “We can confirm that Kamat has stepped down from his position as product head. We are grateful to him for guiding us during some of Binance’s fastest growth periods and we wish him the best.” Kamat also confirmed his resignation, stating that he left Binance for personal reasons and has completed the transition process.
In a statement to The Block, Kamat said, “It’s time for me to resign and hand over the product leadership to the next generation of leaders at Binance. I have 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 uninterrupted product work. Working at Binance and seeing our user base grow has been the best experience of my life. I thank Changpeng Zhao and the entire leadership team for this amazing opportunity they have given me. I will continue to support Binance from outside.”
Kamat joined Binance in April 2022 after working at companies like Google, Microsoft, and Agoda. According to his LinkedIn profile, he helped Binance reach over 150 million users within 18 months with various product launches.
Kamat is among several top executives who have recently left Binance. Last week, Binance announced the departure of Leon Foong, its Asia-Pacific president. Other executives who have recently left Binance include Chief Strategy Officer Patrick Hillman, General Counsel Hon Ng, and Chief Operating Officer Yibo Ling.
Binance is currently engaged in a regulatory battle with US regulators. The involvement of the US Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) in filing lawsuits accusing Binance and Zhao of a series of law and regulation violations has been two significant turning points in this battle.
Furthermore, Binance’s regulatory troubles have led to a decline in market share. While the cryptocurrency exchange had a 63% market share in spot trading volume in February, this figure has now dropped to around 47%. Despite this decline, Binance continues to be the world’s largest spot cryptocurrency exchange.