Binance might be the biggest name in the crypto world, but it’s not all sunshine and rainbows for them. They have been losing some of their top talents lately, and they are facing a lot of heat from the authorities.
Mayur Kamat, the Head of Product at Binance, is the most recent executive to announce his departure from the company.
Kamat joined Binance in March 2022 and was responsible for leading the development of new products and features for the exchange. He has over 15 years of experience in the tech industry, and previously held senior roles at companies such as Amazon and Agoda.
According to a Block exclusive, Kamat said, in a Telegram message, that he was leaving Binance for personal reasons. He did not elaborate on the reasons for his departure.
EXCLUSIVE: Binance loses global head of product Mayur Kamat https://t.co/cDwaAv8hwE
— The Block (@TheBlock__) September 4, 2023
Kamat’s departure is the latest in a string of senior executive departures from Binance. In recent months, the exchange has lost its chief strategy officer, general counsel, and head of Asia-Pacific.
The departures have come amid increased scrutiny of Binance by regulators around the world. The exchange is currently under investigation by regulators in the United States, United Kingdom, and Japan.
Despite the regulatory challenges, Binance remains the world’s largest crypto exchange by trading volume. The exchange processed over $600 billion in trading volume in the first half of 2023.
It is unclear who will replace Kamat as Head of Product at Binance. The company has not yet announced a successor.
In the meantime, Binance’s CEO, Changpeng Zhao, has said that the exchange is committed to continuing to innovate and develop new products and features.
“We are grateful for Mayur’s contributions to Binance and wish him all the best in his future endeavors,” Zhao said in a statement. “We are confident that our team will continue to deliver innovative products and services to our users.”