Mayur Kamat Says Goodbye To Binance, Crypto Companies Lose Their Executives

JAKARTA - Binance, the world's largest crypto exchange, had to lose one of the key executives. This time, Mayur Kamat, who serves as Head of Global Binance Products and Design, has resigned from his post.

Kamat's departure is one of a number of executives who have left Binance in recent months. Previously, senior executives from Binance, including Chief Strategy Officer Patrick Hillmann and General Advisor Hon Ng, had also left.

A statement from a spokesman for Binance confirmed the resignation of Kamat and expressed his gratitude for his contribution during a significant period of growth.

"We can confirm that Mayur has resigned from his role as product leader, and we are grateful for his assistance in guiding Binance through a very rapid period of growth, and we wish him all the best," a Binance spokesperson said.

Mayur Kamat, who joined Binance in April 2022, has a key role in the growth of the stock exchange. He oversees the launch of a product that helps increase the number of users from 80 million to more than 150 million in 18 months.

Kamat mentioned "personal reasons" as the cause of his resignation, and he also thanked Binance's leadership team, including Binance founder Changpeng Zhao (CZ).

In an interview with The Block, the former Head of Binance Products explained that he has worked in the industry for more than 20 years and has worked hard to ensure a smooth transition.

"I've worked with the product team to ensure a smooth transition. It's now a good time for me to take personal leave after working non-stop for 20 years. I've had a lifetime experience working at Binance and watching the growth of our user base. Thank you to CZ and the entire leadership team for this extraordinary opportunity. I will continue to support Binance from outside," said Mayur Kamat.

The departure of some of these executives comes as Binance is under pressure from regulators, especially from the United States (US) financial authorities. Binance has been in the spotlight of regulators, including the US Securities and Exchange Commission (SEC), who sued the exchange and its CEO, Changpeng Zhao (CZ), in June.

The SEC filed various charges, including manipulation of trade volume, abuse of consumer funds, and failure to prevent US citizens from using their platforms. Binance has firmly denied the allegations and intends to defend itself in court.