Head of Product Mayur Kamat Steps Down
Binance, the cryptocurrency exchange facing increasing regulatory scrutiny, has lost another key executive. Mayur Kamat, the head of product, has confirmed his departure after nearly two years with the company. Kamat told Cointelegraph that he is passing the product leadership role to the next generation of leaders at Binance.
A Time for Transition
Kamat expressed that it was the right time for him personally to take a break after 20 years of continuous product work. He thanked Binance CEO Changpeng Zhao and the entire leadership team for the opportunity to work at the company and witness its user base grow. Kamat, a former product manager at Google and Agoda, joined Binance in January 2022.
An Impressive Track Record
Kamat played a crucial role in Binance's growth during his tenure. As head of product, he led global product and design teams, contributing to the increase in Binance's user base from 80 million to over 150 million in just 18 months.
An Early Adopter of Bitcoin
Interestingly, Kamat is known as an early adopter of Bitcoin. He reportedly bought his first two Bitcoin in 2011, just two years after the cryptocurrency's launch. However, Kamat clarified that his intention was not for investment purposes, but rather to purchase a VPN connection.
Continued Exodus of Executives
Kamat's departure follows the recent exodus of several key executives from Binance, including chief strategy officer Patrick Hillmann, general counsel Han Ng, and senior vice president for compliance Steven Christie. Although personal reasons were cited for their departures, many observers in the cryptocurrency industry believe that these resignations are related to the ongoing investigation by the United States Department of Justice into Binance.
Source: Cointelegraph (additional reporting by Prashant Jha)
