Binance is facing a turbulent phase due to regulatory scrutiny and exits. Mayur Kamat, Global Product Manager, is leaving Binance.
Binance, one of the largest cryptocurrency exchanges in the world, has seen its fair share of controversy and FUD (fear, uncertainty and doubt) this year. Myllerry adds that global product director Mayur Kamat recently resigned from his position. Binance confirmed Kamat’s departure in an email to crypto media, citing its gratitude for his contributions during a period of significant growth.
Mayur Kamat, a tech industry veteran with experience at tech giants like Google, Microsoft and Agoda, joined Binance in January 2022. His LinkedIn profile highlighted his role in growing Binance’s user base from 80 million to over 150 million in just 18 months. , which is achieved by introducing various innovative product offerings. Kamat also claimed significant contributions to the successful launch of Binance’s features such as Feed, Tax and CeDeFi, which aim to improve the overall user experience of the platform. This latest executive departure follows a number of other high-profile exits, including Patrick Hillmann, who served as chief strategy officer until July 2023, Steven Christie, senior vice president of compliance, and general counsel Hon Ng, who all left. company in July Binance in hard times? Binance has faced a number of challenges in recent months, primarily due to increased regulatory scrutiny in various jurisdictions. In the United States, the Securities and Exchange Commission (SEC) filed a lawsuit against the exchange in June, alleging involvement in a money laundering scheme in which millions of dollars were transferred between companies owned by CEO Changpeng Zhao. The lawsuit also raised concerns about Binance’s operations as an unlicensed securities exchange.
In addition, the Commodity Futures Trading Commission (CFTC) filed a separate lawsuit against Binance earlier this year for violating US trading and derivatives rules.CZ’s Response Binance CEO Changpeng Zhao has repeatedly addressed what he considers “fake news” about the exchange, accusing critics of FUD. Zhao claims to be a pioneer in compliance and points to the company’s large user base and market share as proof of its strength.
Meanwhile, it made internal changes, with the appointment of Kristen Hecht as the new CEO (CCO) and Global Money Laundering Reporting Officer (GMLRO). Hecht previously served as the firm’s global director of corporate compliance.
Among these Binance native tokens, BNB is down 0.07% in the last 24 hours, trading at $215.