Binance crypto exchange continues to lose key executives as regulators around the globe increase their scrutiny of the platform. Recently, the exchange’s product lead, Mayur Kamat, quits his position, saying he is passing the baton to “next-gen leaders”
Mayur Kamat, the director of products at the cryptocurrency exchange Binance, has confirmed he is leaving the company after nearly two years of service.
“It is time for me to step down and transition product leadership to the next generation of Binance’s leaders,” Kamat said on September 4 that he had worked closely with product leaders to ensure a smooth transition.
After twenty years of “nonstop product work,” Kamat stated it was an excellent opportunity for him to take a break. He continued:
“It has been an experience of a lifetime working at Binance and seeing our user base grow. Thanks to [Changpeng Zhao] CZ and the entire leadership team for this amazing opportunity. I will be cheering Binance from the sidelines.”
Kamat, formerly a product manager at Google and Agoda, became the chief of product at Binance in January 2022. According to his LinkedIn profile, the executive was in charge of global product and design teams at Binance, contributing to the company’s growth from 80 million to over 150 million users in 18 months.
The former Binance product lead is recognized as an early Bitcoin adopter. He reportedly purchased his first two bitcoins in 2011, just two years after the debut of the cryptocurrency. However, Kamat stated it was not for investment purposes but to acquire a VPN connection.
The latest resignation at Binance comes a few weeks after a significant exodus of key executives, including Patrick Hillmann, the exchange’s chief strategy officer.
While the executive cited personal reasons for his departure, many cryptocurrency observers suspected that it had something to do with the Department of Justice’s investigation into Binance.
Han Ng, general counsel, and Steven Christie, senior vice president of compliance, were also rumored to have left Binance in early July.
