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Binance Faces Departure of Global Head of Product Mayur Kamat Amid Regulatory Pressure

Binance, the cryptocurrency exchange, is grappling with yet another senior executive departure amidst ongoing regulatory challenges. Mayur Kamat, who held the position of Binance’s global head of product and design, has resigned, according to a source familiar with the situation.

A Binance spokesperson confirmed Kamat’s departure, expressing gratitude for his role in guiding Binance through a period of rapid expansion. The spokesperson stated, “We can confirm that Mayur has stepped down from his role as product lead. We are grateful to him for helping guide Binance through some of our most explosive growth, and we wish him the very best.”

Kamat himself acknowledged his departure, citing “personal reasons” and the need to complete the transition. He commented, “It is time for me to step down and transition product leadership to Binance’s next-gen leaders. I have worked closely with product leads to ensure a seamless transition. It is also a good time for me personally to take some time off after 20 years of non-stop product work. It has been the experience of a lifetime working at Binance and seeing our user base grow. Thanks to CZ [Binance founder Changpeng Zhao] and the entire leadership team for this amazing opportunity. I will be cheering Binance from the sidelines.”

Kamat joined Binance in April 2022, having previously worked at notable companies such as Google, Microsoft, and Agoda. During his tenure, he played a pivotal role in expanding Binance’s user base from 80 million to over 150 million within 18 months through the launch of several new products.

Kamat’s departure adds to the list of senior executives who have recently left Binance, including Leon Foong, Binance’s Asia-Pacific head, as reported by The Block. Other notable departures include chief strategy officer Patrick Hillman, general counsel Hon Ng, and chief business officer Yibo Ling.

Binance’s ongoing regulatory issues with U.S. authorities, including the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), have contributed to its market share decline. The regulatory agencies have accused Binance and its founder, Changpeng Zhao (CZ), of various violations and compliance failures.

In terms of spot trading volumes, Binance’s market share has decreased from 63% in February to approximately 47%, as reported by The Block’s Data Dashboard. Nevertheless, Binance retains its status as the largest spot cryptocurrency exchange globally.

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