Binance Loses Another Top Executive Amid Regulatory Scrutiny, Lawsuits

Updated: 04 September 2023

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Binance lost another senior executive as the world’s biggest cryptocurrency exchange grapples with lawsuits and greater regulatory scrutiny.

Global head of product and design Mayur Kamat confirmed his departure from the beleaguered exchange, saying it was for personal reasons and that he would take a break after working for 20 years.

Binance said it’s grateful to him for helping it guide ”some of our most explosive growth,” The Block reported.

Kamat’s resignation follows the departure of key executives including chief strategy officer Patrick Hillman and former compliance head Steven Christie. Other high-profile departures include General Counsel Hon Ng and US-based chief business officer Yibo Ling.

A July report by Fortune said some key executives were unhappy with how the exchange’s CEO, Changpeng Zhao, has responded to a pending investigation by the Department of Justice.

Kamat worked at Binance for a little over a year. He joined the exchange in April 2022 after working for tech giants including Agoda, Google, and Microsoft. Binance’s user base grew from 80 million to more than 150 million during his tenure, according to his LinkedIn profile.

Top Executives Depart Binance Amid Regulatory Woes

Hillmann quit in July, also citing personal reasons.

Apologies for any typos, but I was not expecting to be tweeting about this today.

It’s true that I am leaving @Binance, but I’m doing so on good terms. I continue to respect and support @cz_binance and am grateful for having had the incredible opportunity to work under his…

— Patrick Hillmann (@PRHillmann) July 6, 2023

Compliance head Christie, who joined the exchange in May last year, said he was tired and needed to lose weight.

I usually don’t tweet much and try and keep a low profile, but wanted to clear the air about a couple of articles that were printed today. I can confirm that I am indeed leaving @binance, but the reasons for my departure are very different than what was reported.

— steven christie (@SKChristie9) July 7, 2023

In June, the US Securities and Exchange Commission (SEC) filed 13 charges against Binance and its CEO, accusing it of running an unregistered exchange and brokerage platform. It was also charged with offering unregistered securities.

Earlier this year, the US Commodity Futures Trading Commission (CFTC) also sued Binance, Zhao, and a former compliance officer, saying they operated an illegal exchange and had a “sham” compliance program.

Binance Coin (BNB) seemed unaffected by the development, rising 0. 8% in the past 24 hours to $216.08 as of 10:24am ET.

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