Crypto exchange Binance has lost yet another senior executive amid its regulatory woes. Mayur Kamat, Binance's global head of product and design, has resigned, a source with knowledge of the matter told The Block.
"We can confirm that Mayur has stepped down from his role as product lead," a Binance spokesperson told The Block. "We are grateful to him for helping guide Binance through some of our most explosive growth and we wish him the very best."
Kamat also confirmed his departure, saying he is leaving Binance for "personal reasons" and finishing the transition.
"It is time for me to step down and transition product leadership to Binance's next-gen leaders," Kamat told The Block. "I have worked closely with product leads to ensure a seamless transition. It is also a good time for me personally to take some time off after 20 years of non-stop product work. It has been an experience of a lifetime working at Binance and seeing our user base grow. Thanks to CZ [Binance founder Changpeng Zhao] and the entire leadership team for this amazing opportunity. I will be cheering Binance from the sidelines," he added.
Kamat joined Binance in April 2022 after working for companies including Google, Microsoft and Agoda. He helped Binance grow from 80 million to over 150 million users in 18 months via several product launches, according to his LinkedIn profile.
Binance continues to lose senior execs
Kamat is among several senior executives who have recently left Binance. The Block reported last week that Binance's Asia-Pacific head, Leon Foong, has left the crypto exchange. Binance's other recent departures include chief strategy officer Patrick Hillman, general counsel Hon Ng and chief business officer Yibo Ling.
Binance is currently in a regulatory battle with the United States regulators. The U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission recently accused Binance and Zhao of a slew of violations and compliance failures.
Binance's market share has declined in recent months amid its regulatory challenges. The crypto exchange had a 63% market share in spot trading volumes in February, which has now fallen to around 47%, according to The Block's Data Dashboard. Nonetheless, Binance remains the largest spot crypto exchange in the world.