Binance head of product quits as executive exodus continues

Cryptocurrency exchange Binance continues to lose some of its key executives amid increasing scrutiny of the platform from regulators around the world.

Binance head of product Mayur Kamat has confirmed he is leaving the crypto exchange after nearly two years.

“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,” Kamat told Cointelegraph on Sept. 4.

Kamat also said that it is a good time for him personally to take some time off after 20 years of “non-stop product work.” He added:

“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."

Formerly a product manager at companies like Google and Agoda, Kamat joined Binance as head of product in January 2022. According to his LinkedIn profile, the exec was heading global product and design teams at Binance, helping grow Binance from 80 million to more than 150 million users in 18 months.

The former Binance product lead is known as an early adopter of Bitcoin (BTC). He reportedly bought his first two bitcoins back in 2011, just two years after the cryptocurrency was launched. Kamat said that it wasn’t for investment purposes though, but rather to purchase a VPN connection.

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The latest resignation at Binance comes a few weeks after the exchange was hit by a sizable exodus of key executives, including Binance’s chief strategy officer Patrick Hillmann. While the exec cited personal reasons for his departure, many cryptocurrency observers suspected that the departure had something to do with Binance’s investigation by the United States’ Department of Justice.

Among other departures, general counsel Han Ng and senior vice president for compliance Steven Christie were also reported to have left Binance in early July.

Additional reporting by Cointelegraph journalist Prashant Jha.

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