Binance's Head of Product Resigns Amidst a Growing Wave of Executive Departures

Mayur Kamat, formerly the Global Product Lead at Binance, has chosen to step away from his position, contributing to the growing list of high-ranking executives who have recently left the cryptocurrency exchange. Kamat's departure comes after he served for approximately eighteen months at Binance.

An official spokesperson from Binance has confirmed Kamat's resignation, stating, "We can confirm that Mayur has made the decision to resign from his role as the product lead. We want to express our appreciation for his valuable contributions in steering Binance through a period of substantial growth, and we send our best wishes to him."

Before joining Binance in April 2022, Kamat held the role of Vice President of Product at Agoda, a well-known travel agency.

Kamat's exit is part of a broader trend of senior executives leaving Binance, which includes the departures of Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price, and SVP for Compliance Steven Christie, all of whom left the company in early July. Additionally, Leon Foong, who served as the head of Asia-Pacific, recently submitted his resignation. Bloomberg reported this development on August 31.

These departures of senior executives have raised concerns related to how Binance's founder, Changpeng "CZ" Zhao, has reacted to the investigation initiated by the U.S. Department of Justice. Zhao has characterized these reports as "FUD," representing fear, uncertainty, and doubt. The initial report regarding Kamat's departure was first covered by The Block.