Crypto news

Binance head of product resigns amidst ongoing executive departures.

Binance, the cryptocurrency exchange, faces further executive departures as regulatory scrutiny intensifies worldwide.

Mayur Kamat, the head of product at Binance, has announced his departure from the exchange after nearly two years.

Kamat stated on September 4 that he believes it is the right time for him to step down and pass the product leadership to the next generation of leaders at Binance.

After two decades of continuous product work, Kamat expressed his intention to take some personal time off.

“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.“

Mayur Kamat

Mayur Kamat, who previously held product management roles at esteemed companies such as Google and Agoda,

assumed the position of head of product at Binance in January 2022.

As per his LinkedIn profile, Kamat was responsible for overseeing global product and design teams at Binance,

contributing to the impressive growth of the platform from 80 million to over 150 million users within a span of 18 months.

Mayur Kamat

Early reports indicate that the former Binance product lead, Mayur Kamat, was an early adopter of Bitcoin,

having acquired his first two Bitcoin in 2011, a mere two years following the cryptocurrency’s inception.

However, Kamat clarified that his motivation for the purchase was not investment-related but rather to obtain a VPN connection.

The recent resignation of Kamat follows a series of significant departures in recent weeks.

Notably, Binance’s chief strategy officer, Patrick Hillmann, stepped down, citing personal reasons.

Nevertheless, industry analysts speculate that his departure might be connected to the ongoing investigation of Binance by the United States Department of Justice.

Additionally, earlier in July, Binance experienced the departure of key figures such as general counsel Han Ng and senior vice president for compliance Steven Christie.

These departures further highlight the notable executive shifts within the company.

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