Binance global head of product Mayur Kamat resigns

Binance global head of product Mayur Kamat resigns

Mayur Kamat, the Global Head of Product at Binance, has tendered his resignation amidst a series of executive departures and staff reductions at the cryptocurrency exchange, according to a statement provided to Reuters by a company spokesperson on Monday.

Mayur Kamat departure comes in the wake of a recent exodus of top executives from Binance, which includes the Chief Strategy Officer, Patrick Hillmann, and the General Counsel, Hon Ng.

Binance has been facing intensified regulatory scrutiny in the United States, where authorities have been taking assertive measures against activities they perceive as unlawful. In June, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO, Changpeng Zhao, accusing them of operating a “web of deception.” The lawsuit comprises 13 charges, including allegations of artificially inflating trading volumes, misappropriating customer funds, and failing to enforce restrictions on U.S. customers using its platform.

Binance has publicly declared its unwavering commitment to vigorously defending itself against these allegations.

Additionally, the company carried out workforce reductions in July as part of its restructuring efforts.

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