Director of Products Leaves Binance Amid Regulatory Scrutiny

Binance continues to lose key executives as regulators around the globe increase their scrutiny of the platform. Mayur Kamat, the director of products at the cryptocurrency exchange Binance, has confirmed he is leaving the company after nearly two years of service.

“It is time for me to transition product leadership to the next generation of Binance’s executives. Kamat stated on September 4 “I have worked closely with product leaders to ensure a seamless transition.

After twenty years of “nonstop product work,” Kamat stated that it was a good opportunity for him to take a break. Previously a product manager at Google and Agoda, Kamat joined Binance in January 2022 as the director of products.

According to his LinkedIn profile, the executive was in charge of global product and design teams at Binance, contributing to the company’s growth from 80 million to over 150 million users in 18 months.

The former Binance product lead is recognized as an early Bitcoin adopter. He reportedly purchased his first two bitcoins in 2011, just two years after the cryptocurrency’s debut.

However, Kamat stated that it was not for investment purposes but rather to acquire a VPN connection. The latest resignation at Binance comes a few weeks after a significant exodus of key executives, including Patrick Hillmann, the exchange’s chief strategy officer.

“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.”

While the executive cited personal reasons for his departure, many cryptocurrency observers suspected that it had something to do with the Department of Justice’s investigation into Binance.

Han Ng, general counsel and Steven Christie, senior vice president of compliance, were also rumored to have left Binance in early July.