Mayur Kamat – Global Product Manager of the main cryptocurrency exchange has stated “goodbye” right after just above 18 months of joining Binance.
Key Staff Help Double Binance User Growth
Binance, the biggest cryptocurrency exchange by trading volume, has misplaced a further senior worker due to regulatory issues. According to the most up-to-date industry information, Mr. Mayur Kamat, Global Director of Product and Design at Binance announced his resignation.
BINANCE LOSES Worldwide Solution Obligation MAYUR KAMAT – THE BLOCK.
— Latest industry information (@financialjuice) September 4, 2023
A Binance spokesperson stated:
“We confirm that Mayur has stepped down from his role as product leader. We are grateful to him for helping Binance experience explosive growth and wish him all the best.”
The former Binance Director of Product also confirmed his departure, and shared that he left the exchange for “personal reasons,” and stated he was in the course of action of handing above his career:
“The time has come for me to phase down and hand above merchandise leadership to the upcoming generation of leaders at Binance.
I worked closely with other merchandise leaders to make certain a smooth handover. This is also the appropriate time for me to rest right after twenty many years of non-end function. This has been a memorable working experience for me operating at Binance and witnessing excellent consumer development. Thank you CZ (Changpeng Zhao) and the complete management crew for this fantastic possibility. I will proceed to assistance and assistance Binance from afar.”
Mr Kamat Join Binance in April 2022 and took above as Product Manager for the exchange. Previously, he had worked in very similar positions for other technologies organizations this kind of as Google, Microsoft and Agoda.
Second file from former Binance Product Manager on LinkedIn, assisted Binance develop its outstanding consumer base from 80 million to above 150 million in just 18 months as a result of new solutions.
The record of executives who say “goodbye” has been extended
Mr. Mayur Kamat is the fifth senior worker to bid farewell to the Binance exchange.
Last week, September one, 2023, Mr. Leon Foong, Head of Asia-Pacific (APAC) at Binance, also submitted his resignation to depart the Binance exchange. Mr. Foong is the individual accountable for expanding Binance’s industry share in markets like Korea, Japan, and Thailand in current occasions, obtaining a great deal of interest due to the stringent crypto laws in people nations.
At the starting of July 2023, 3 a lot more Binance senior managers have been current Chief Legal Counsel Han Ng, Chief Strategy Officer Patrick Hillmann AND The Vice President of Legal Compliance is Steven Christie all resigned at the exact same time, with the cause stated to be due to the legal issues the exchange has encountered on a worldwide scale.
Before the turmoil in the management employees, there was information Binance is contemplating a strategy to exchange CEO Changpeng Zhao with Richard Teng, a short while ago promoted to Director of Asia, Europe and Middle East – North Africa markets. In July 2023, Mr. Richard Teng participated in a discussion session at the GM Vietnam conference, in which he shared the worldwide legal predicament and Binance’s place.
As reported by Coinlive, Binance is at present engaged in a legal battle with US regulators Securities and Exchange Commission (SEC) AND The Futures Trading Commission (CFTC) has charged the exchange and its founder Changpeng Zhao (CZ) with a series of regulatory compliance violations.
Not only in the US, Binance has also turn into a “target” of regulators in several nations, together with: England, Holland, Belgium, Cyprus, Brazil, Shirt, France, Virtue, Australia AND Nigeria. Furthermore, Binance is stated to lay off a big amount of staff and reduce added benefits to conserve on working fees.
From the starting of 2023 to these days, Binance’s industry share has declined substantially due to regulatory difficulties.
Second The Block dataIn February 2023, Binance had a industry share of a lot more than 63% primarily based on Spot trading volume, but it has now dropped to close to 47%. However, Binance is even now the biggest cryptocurrency exchange in the globe.
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