Mayur Kamat, Binance‘s head of product, has departed from the cryptocurrency exchange. His exit comes amid a wave of high-profile resignations at the company, facing increasing scrutiny from global regulators. Kamat’s decision to step down follows nearly two years of service at Binance, where he played a pivotal role in expanding the user base from 80 million to over 150 million.
Kamat expressed gratitude to Changpeng Zhao, commonly known as CZ, and the entire leadership team at Binance. “It’s time for me to step down and transition product leadership to Binance’s next-gen leaders,” he said. Kamat also mentioned that he had worked closely with other product leads to ensure a smooth transition.
Notably, Kamat has had a long and illustrious career, spanning two decades in product development. Before joining Binance in January 2022, he held managerial roles at tech giants like Google and Agoda. His LinkedIn profile reveals that he led global product and design teams at Binance.
Kamat is also an early adopter of Bitcoin, having purchased his first two units in 2011. Interestingly, he clarified that the purchase was not for investment but to secure a VPN connection.
His departure adds to the growing list of executives who have recently left Binance. A few weeks ago, Patrick Hillmann, the company’s Chief Strategy Officer, also resigned. Although Hillmann cited personal reasons, industry insiders speculate that the move may be linked to ongoing investigations by the United States Department of Justice. Han Ng, General Counsel, and Steven Christie, Senior Vice President for Compliance, also parted ways with the company in early July.
The string of departures comes at a challenging time for Binance, grappling with regulatory issues on multiple fronts. Authorities worldwide are intensifying their scrutiny of the platform, raising questions about its future.
Given his contributions to the company’s growth, Kamat’s exit is seen as a significant loss for Binance. In his farewell message, he said, “It has been an experience of a lifetime working at Binance and seeing our user base grow.” He also assured that he would continue to support Binance, albeit from the sidelines.
Mayur Kamat’s decision to leave Binance marks another high-profile exit from the cryptocurrency exchange. As the company navigates through a complex regulatory landscape, losing key executives could pose additional challenges. Yet, Kamat’s departure appears amicable, with the former head of product pledging his ongoing support for the company he helped build.
