Mayur Kamat, the global head of product for Binance, has left the cryptocurrency exchange amid a wave of executive departures and employment cuts.
Kamat’s departure from Binance comes after a recent management exodus that also involved General Counsel Hon Ng and Chief Strategy Officer Patrick Hillmann.
In recent months, the Bitcoin exchange has been under intense regulatory scrutiny in the US, where authorities aggressively crack down on what they view as illicit activity.
The Securities and Exchange Commission filed a lawsuit against Binance and its CEO Changpeng Zhao in June for allegedly running a “web of deception,” citing 13 allegations, including that the company inflated its trading volumes artificially, misappropriated customer funds, and failed to bar U.S. customers from using its platform.
