Binance’s Executive Exodus Continues as Global Head of Product Resigns

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  • Binance global head of product announces his resignation, citing personal reasons.
  • In July, a number of Binance executives stepped down, including the exchange’s chief strategy officer and general counsel.
  • CEO Changpeng Zhao said that a growing team experiences inevitable “turnover.”

In the latest of a series of executive resignations this summer, Binance‘s global head of product, Mayur Kamat has quit the company, according to Reuters. Reportedly, Kamat confirmed his exit, citing “personal reasons” for the departure. A spokesperson for Binance commented,

We can confirm that Mayur has stepped down from his role as product lead. We are grateful to him for helping guide Binance through some of our most explosive growth and we wish him the very best.

Kamat shared words of appreciation for Binance’s product team, who he said facilitated a seamless transition “of product leadership to the next-generation leaders.” He also extended his thanks to Binance founder Changpeng Zhao, and added that he would continue to support the leading exchange “from the sidelines.”

Kamat’s exit follows the resignation of Chief Strategy Officer Patrick Hillmann, Compliance Executive Steven Christi, General Counsel Hon Ng and U.S.-based Chief Business Officer, Yibo Ling who quit their positions earlier this summer.

In response to those resignations, Zhao took to X to dismiss concerns as FUD, and pointed to Binance’s growth from a team of 30 to 8,000 individuals within a span of six years to put things into perspective. As he put it, in any evolving industry such as crypto, “there is turnover at every company.”

Binance is currently dealing with a number of legal charges filed by the US SEC and CFTC, including accusations of helping Russians “move money.” This has pushed the exchange to re-evaluate its operations in Russia, including the possibility of a “full withdrawal.”