Binance global head of product Mayur Kamat resigns

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September 4, 2023 3:55 AM EDT

Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Binance's global head of product, Mayur Kamat, has resigned amid a string of executive exits and job cuts at the cryptocurrency exchange, a spokesperson for the company told Reuters on Monday.

Kamat's exit follows a recent executive exodus from Binance that includes Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng.

The cryptocurrency exchange has lately been under heavy regulatory scrutiny in the United States, where regulators aggressively clamp down on what they deem are illegal activities.

The Securities and Exchange Commission (SEC) sued Binance and CEO Changpeng Zhao in June for allegedly operating a "web of deception," listing 13 charges, including claims the company artificially inflated its trading volumes, diverted customer funds and failed to restrict U.S. customers from its platform.

Binance has said it would defend itself vigorously.

The company also laid off a number of employees in July.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Eileen Soreng and Dhanya Ann Thoppil)


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