4-9-2023 (LONDON) Binance, one of the world’s largest cryptocurrency exchanges, is witnessing a wave of executive departures and job reductions, with the latest being the resignation of Mayur Kamat, the global head of product and design, according to a report by The Block citing an inside source.
Kamat’s departure adds to the growing list of high-level executives leaving Binance, including Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng.
When approached by Reuters for comment on the report, Binance did not provide an immediate response.
The cryptocurrency exchange has recently come under intense regulatory scrutiny in the United States, where regulators have taken a tough stance against activities they consider illegal.
In June, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO Changpeng Zhao, accusing them of running a “web of deception.” The lawsuit included 13 charges, alleging that the company artificially inflated its trading volumes, misappropriated customer funds, and failed to prevent U.S. customers from accessing its platform.
Binance has vowed to vigorously defend itself against these allegations.
In addition to the executive departures, the company also carried out layoffs in July as it grapples with the regulatory challenges and increased scrutiny in the cryptocurrency industry.
