Binance, a major cryptocurrency exchange, continues to witness a wave of executive departures. The most recent departure is that of Mayur Kamat, who served as the Global Product Lead at the company for nearly a year and a half.
Binance confirmed Kamat’s departure and expressed gratitude for his contributions during a period of significant growth. Before joining Binance in April 2022, Kamat held the position of Vice President of Product at travel agency Agoda.
Kamat’s exit follows a series of high-profile departures from Binance, including Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price, and Senior Vice President for Compliance Steven Christie, all of whom left the company earlier in July. Additionally, Leon Foong, who headed the Asia-Pacific region for Binance, resigned in August.
Reports suggest that these departures are linked to the way Binance founder Changpeng “CZ” Zhao responded to the U.S. Department of Justice’s investigation into the exchange. CZ’s dismissal of these investigations as “FUD” (fear, uncertainty, and doubt) appears to have contributed to these executive exits.
The ongoing series of departures from Binance underscores the challenges and uncertainties faced by cryptocurrency exchanges in the rapidly evolving regulatory landscape of the crypto industry.