Binance Global Head of Product Leaves in Latest Senior Departure

Suvashree Ghosh, Bloomberg News

The Binance logo on a smartphone arranged in the Brooklyn borough of New York, US, on Tuesday, Feb. 14, 2023. The New York State Department of Financial Services said it had directed Paxos Trust Co. to stop issuing new tokens of crypto's third largest stablecoin, a Binance-branded coin known as BUSD that has roughly $16 billion in circulation. Photographer: Gabby Jones/Bloomberg , Bloomberg

(Bloomberg) -- Binance’s head of product Mayur Kamat became the latest senior executive to leave the world’s biggest crypto exchange, which is under mounting pressure from regulators around the globe.

Kamat, who joined Binance in March 2022, left for personal reasons, he said in a Telegram message. The Block earlier reported on his departure. A Binance spokesperson confirmed Kamat’s resignation.

“It is time for me to step down and transition product leadership to Binance’s next gen leaders,” Kamat said. “It is also a good time for me personally to take some some time off after 20 years of non-stop product work.”

Kamat is at least the fourth senior executive to leave Binance since July, joining its chief strategy officer, general counsel and Asia-Pacific head. The company is coming under increasing strain after the US Commodity Futures Trading Commission and Securities and Exchange Commission filed separate lawsuits against it, alleging a wide range of transgressions.

Binance has contested the regulators’ allegations.

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