Binance Head of Product Resigns for “Personal Reasons”

Binance has lost its head of product, Mayur Kamat who resigned voluntarily. Kamat said his decision to resign was for personal reasons and there is no problem with the team.

Confirming the resignation of Kamat, a spokesperson for the world’s largest exchange said the former head of product did great work for the exchange.

“We can confirm that Mayur has stepped down from his role as product lead,” a Binance spokesperson told The Block. “We are grateful to him for helping guide Binance through some of our most explosive growth and we wish him the very best.”

Kamat has been working at Binance since April 2022, and has since then made significant impact on Binance’s trading platform. During his stay, he grew Binance’s user base from 80 million users to over 150 million users with several product launches. Kamat also confirmed his resigning the position, saying:

“It is time for me to step down and transition product leadership to Binance’s next-gen leaders. I have worked closely with product leads to ensure a seamless transition. It is also a good time for me personally to take some time off after 20 years of non-stop product work,” Kamat told The Block. 

“It has been an experience of a lifetime working at Binance and seeing our user base grow. Thanks to CZ [Binance founder Changpeng Zhao] and the entire leadership team for this amazing opportunity. I will be cheering Binance from the sidelines,” he added.

Binance’s Wave of Resignations

Binance is the world’s biggest crypto trading platform by trading volume, and remains one  of the most popular destinations for trading cryptocurrencies. Recently, the company has been hit by a wave of resignations from senior executives.

Just last week, the company lost its head of Asia-Pacific, Leon Foong. Another key executive, the Chief Strategy Officer Patrick Hillmann who joined the exchange in 2021 resigned in early July. Around the same period, the company’s General Counsel Han Ng, and SVP for Compliance Steven Christie also resigned.

All the resigned executives said they left on good terms, but there were reports at the time that it had to do with the CEO, Changpeng Zhao’s handling of regulatory investigations. This could have worsened the case of the ongoing investigations by the securities and exchange commission that is still ongoing.

Binance’s Regulatory Woes

Binance has faced a lot of regulatory challenges since the year began. The SEC currently has a pending court case alleging that the exchange violated securities laws. Binance has also had a hard time securing regulatory approval in many jurisdictions., while it has been kicked out of some countries such as the Netherlands.

However, it hasn’t been all rough for the crypto giant, as it has also recorded some achievements recently. The Bitcoin-friendly country, El Salvador has issued Binance a license to operate as a crypto asset service provider. It made the exchange the first company to secure such a license in the country.

Binance has also secured a similar license in Kazakhstan, and is working with regulators in the country to bring up a regulatory framework for the crypto industry. It also has an MVP license in Dubai, one of the world’s biggest crypto destinations. 

With such successes in the face of the exchange’s challenges in the U.S., many are wondering if the SEC is being reasonable in its approach.

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