Head of Product at Binance Quits Amidst Executive Crisis

Binance ChangPeng Resign

Mayur Kamat, Binance’s head of product, has announced his resignation from the cryptocurrency exchange after nearly two years. According to him, he wants to pass the baton to the “next-gen leaders” while taking some time off product work.

Kamat, who previously held roles at Google and Agoda, joined Binance in January 2022 and played a pivotal role in expanding the user base from 80 million to over 150 million in just 18 months. 

His decision to step down coincides with a personal desire to take a break after two decades of non-stop work in the product development sphere. Kamat revealed that it was time for him to go and recharge.

According to him:

“It is time for me to step down and transition product leadership to Binance’s next-gen leaders. I have worked closely with product leads to ensure a seamless transition”

He also added:

“It has been an experience of a lifetime working at Binance and seeing our user base grow. Thanks to [Changpeng Zhao] CZ and the entire leadership team for this amazing opportunity. I will be cheering Binance from the sidelines.”

This move follows a series of executive departures from Binance, which has raised many eyebrows in the cryptocurrency industry. 

The departure of key figures like Patrick Hillmann, Binance’s chief strategy officer, and others, has come amid growing regulatory scrutiny of the exchange, particularly from the United States Department of Justice. 

While some executives have cited personal reasons for leaving, the departures have fueled speculation about the impact of ongoing investigations on Binance’s leadership team.