Binance, the world’s largest crypto exchange, has seen another senior executive depart amid regulatory troubles. Mayur Kamat, the global head of product and design at Binance, resigned for personal reasons and is finishing the transition.
Regulatory Pressure Keeps on Hindering Binance
Kamat joined Binance in April 2022 and helped the exchange grow from 80 million to over 150 million users in 18 months. He was responsible for launching several products, such as Binance Pay, Binance Card, Binance NFT, and Binance Smart Chain.
“Binance has been an experience of a lifetime and I am grateful to CZ [Binance founder Changpeng Zhao] and the entire leadership team for this amazing opportunity,” Kamat told Reuters. “It is time for me to step down and transition product leadership to Binance’s next-gen leaders. I will be cheering Binance from the sidelines.”
Kamat is not the only senior executive who has left Binance recently. Reuters reported last week that Leon Foong, Binance’s Asia-Pacific head, has also stepped down. Other notable exits include chief strategy officer Patrick Hillman, general counsel Hon Ng, and chief business officer Yibo Ling.
Binance has faced regulatory pressure from several jurisdictions, including the U.S., the U.K., Japan, Singapore, and Hong Kong. The U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission have accused Binance and Zhao of violating various rules and regulations.
As a result, Binance’s market share has declined in recent months. According to the data Dashboard, Binance had a 63% market share in spot trading volumes in February, which has now fallen to around 47%. However, Binance still remains the dominant player in the crypto space.
Binance has said that it is committed to complying with local laws and regulations and working with regulators to ensure the safety and growth of the industry. Binance has also hired several former regulators and compliance experts to bolster its legal team.
