Binance, the cryptocurrency exchange giant, is witnessing a continued exodus of top-level executives. Mayur Kamat, who served as Binance’s head of product for nearly two years, is the latest to announce his departure.
Mayur Kamat Passes the Baton
Kamat, in an official statement, revealed his decision to step down and entrust the leadership of Binance’s product division to the next generation of leaders. He emphasized a seamless transition, expressing his gratitude for the opportunity to work closely with fellow product leads.
After two decades of relentless dedication to product development, Kamat also revealed his intention to take a much-needed break. He acknowledged the incredible journey of witnessing Binance’s user base expand. He further thanked CZ (Changpeng Zhao) and the entire leadership team for the remarkable opportunity. Kamat assured that he would continue to support Binance from the sidelines.
Kamat’s Impressive Journey
Before joining Binance as head of product in January 2022, Kamat had a notable career as a product manager at companies such as Google and Agoda. His LinkedIn profile indicates that he oversaw global product and design teams at Binance. This further contributed to the growth of the user base from 80 million to over 150 million in just 18 months.
Early Bitcoin Adoption
Interestingly, Kamat is recognized as an early adopter of Bitcoin. He purchased his first two Bitcoins in 2011, a mere two years after the cryptocurrency’s inception. Notably, his initial acquisition of Bitcoin was for acquiring a VPN connection rather than investment purposes.
Ongoing Executive Exodus
Kamat’s departure follows a string of resignations within Binance, including the exit of chief strategy officer Patrick Hillmann. While Hillmann cited personal reasons for leaving, speculation among cryptocurrency observers suggests a connection to the United States Department of Justice’s investigation into Binance.
Additional notable departures include general counsel Han Ng and senior vice president for compliance Steven Christie, both of whom reportedly left Binance in early July.
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