There have been a series of top executives leaving Binance and the latest one to leave the crypto exchange appears to be the Global Head of Product, Mayur Kamat.
Kamat’s departure was confirmed by the company in a statement and it also expressed its gratitude for the contributions that he had made during the time of the exchange’s growth.
A Binance spokesperson said that Kamat had decided to resign from his position as product lead and they were grateful because he had helped guide the exchange at a time of significant growth.
Kamat had taken his position at Binance in January last year. He had previously worked for other tech giants, which include Agoda, Microsoft, and Google.
His LinkedIn profile shows that he had played a vital role in expanding the user base of Binance in a period of 18 months.
He introduced a number of product offerings that resulted in the user base growing from 80 million to 150 million users.
Apart from that, he also made contributions in the launch of a number of features on Binance, which include CeDeFi, Tax and Feed.
According to CoinGecko, Binance is the largest centralized exchange in the crypto industry and its trading volumes in the last 24 hours were in excess of $4.4 billion.
Binance has recently seen a number of high-profile departures and this is just the latest one. In July, several executives left the company.
This includes the Chief Strategy Officer, Patrick Hillmann, the Senior Vice President for Compliance, Steven Christie, and the General Counsel, Hon Ng.
In recent months, Binance has had to deal with a number of challenges, which include increased regulatory pressure and scrutiny in a number of countries.
The legal troubles
A lawsuit was filed against Binance in the United States by the Securities and Exchange Commission (SEC).
The regulator has alleged that Binance was moving its funds between the different companies that belong to its CEO Changpeng Zhao.
In addition, the exchange has also been accused of running as an unlicensed securities exchange. Before the said lawsuit, another one was also filed against Binance.
This one was from the Commodity Futures Trading Commission (CFTC) for violating the trading and derivatives laws in the United States.
According to the crypto exchange, it does not have any official headquarters, but its parent company operates from the Cayman Islands.
Zhao has said that the critics of the exchange are spreading ‘fake’ news about it and just want to create FUD.
He said that people were trying to paint Binance with the same brush as FTX, but they are two different companies.
The Binance CEO said that they are regulatory compliant and do not follow the same policies that brought about the downfall of FTX.
He had also said the same back in July when there had been numerous media reports about the company after the departure of the top executives.
He had said at the time that every company has to deal with ‘turnovers’ and denied laying off thousands of employees.