Binance Global Head of Product Mayur Kamat Resigns, Reports Reuters

Binance’s global head of product, Mayur Kamat, has stepped down amidst a wave of executive departures and job cuts at the cryptocurrency exchange, according to a company spokesperson. Kamat’s resignation is part of a larger trend, with several high-profile executives leaving, including Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng.

The exchange has been facing intense regulatory scrutiny in the United States, where authorities have intensified their efforts against what they consider illegal activities in the cryptocurrency sector. In June, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO, Changpeng Zhao, alleging a “web of deception” with 13 specific charges. These allegations include claims that the company inflated its trading volumes artificially, misused customer funds, and failed to prevent U.S. customers from accessing its platform.

In response to the SEC’s lawsuit, Binance has stated its intention to mount a strong defense. Additionally, the company had also made layoffs in July, further indicating the challenging environment it is navigating.