Binance, the world’s largest cryptocurrency exchange, has lost another senior executive with the departure of global product head Mayur Kamat.
An email statement shared by CoinDesk said: "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’s departure follows the exit in July of chief strategy officer Patrick Hillman and general counsel Hon Ng.
Just last week, Binance’s head of Asia-Pacific stepped down for undisclosed reasons.
In June, Binance’s chief business officer Yibo Ling reportedly left the company after turning down a relocation request.
Binance head Changpeng ‘CZ’ Zhao has previously downplayed the departures, calling the negative press FUD, an acronym for ‘fear, uncertainty and doubt’ popular among the crypto community.
As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off. 4 FUD.However, the Cayman Islands-headquartered company has conducted sweeping redundancies in the past 18 months amid an ongoing crypto bear market and mounting regulatory pressure from global securities watchdogs.On the bright side, they just can’t resist talking about us.
We are still hiring. ????
— CZ ???? Binance (@cz_binance) July 14, 2023
The US Securities and Exchange Commission (SEC) has accused Binance and rival exchange Coinbase (NASDAQ:COIN) of offering unregistered securities in violation of federal laws, and lawsuits are ongoing.
Binance has been denied access to the German market, while Mastercard (NYSE:MA) recently ended its relationship with the exchange.