Just-In: Binance’s Product Head Mayur Kamat Resigns Amidst Executive Exodus
Binance, one of the largest cryptocurrency exchanges in the world, is dealing with a wave of executive departures and regulatory issues. According to Reuters, the corporation acknowledged the departure of its global head of product, Mayur Kamat, on Monday, adding to a growing list of high-profile losses.
Kamat Resigns Adds To On-Going Executive Exodus
Kamat’s departure follows the departure of other top executives from Binance, including Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng. Notably, CoinGape Media last week reported that Bloomberg confirmed Leon Foong, who served as the head of Binance Asia-Pacific, also announced his departure, according to sources familiar with the matter.
Increased regulatory attention, particularly in the United States, and these leadership changes at Binance are occurring at the same time. U.S. authorities have begun toughening up on cryptocurrency-related activity that they view as illegal.
According to Reuters, the U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO, Changpeng Zhao, in June. 13 allegations were brought by the SEC against the business, alleging a “web of deception.” Among the charges were that Binance inflated its trading volumes artificially, handled user funds carelessly, and neglected to put limits on U.S. customers’ access to its platform.
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Binance’s Job Cutts In July
Binance has vehemently stated its intention to vigorously defend itself against the above allegations. The company has suffered because of regulatory difficulties, which resulted in a wave of job cutbacks in July. The bitcoin exchange is still being closely watched as it struggles with these legal and executive challenges, with its future course uncertain in the face of growing regulatory pressure.
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