Binance Head of Product Mayur Kamat Steps Down, CZ Pushes Again On FUD As BNB Worth On

Crypto alternate large Binance confirmed to Cryptonews on Monday, that the corporate’s world head of product, Mayur Kamat, has resigned, amid a mass exodus of executives and job cuts throughout the firm.

“We are able to verify that Mayur has stepped down from his position as product lead. We’re grateful to him for serving to information Binance via a few of our most explosive progress and we want him the perfect,” an organization spokesperson mentioned in a mail.

Kamat has served for almost 2 years in Binance and through his tenure, he has helped Binance develop from 80 million to 150+ million customers in a span of 18 months by establishing experimentation, progress product, and conversion optimization, amongst others, per his LinkedIn profile.

“It has been an expertise of a lifetime working at Binance and seeing our consumer base develop,” Kamat mentioned after stepping down from the chief place.

As first reported by The Block, Kamat cited “private causes” for leaving the corporate and mentioned he handed over the place to next-gen leaders seamlessly.

“It’s time for me to step down and transition product management to Binance’s next-gen leaders. I’ve labored intently with product leads to make sure a seamless transition.”

He additionally added that it is a “good time” to personally take a while off from his “continuous” profession in merchandise. Previous to his profession in Binance, he labored at among the main world multinational companies (MNCs) together with Google, Microsoft and Agoda.

He additional thanked the Binance crew and the founder Changpeng Zhao (CZ) and mentioned that he could be “cheering Binance from the sidelines.”

Binance Faces Mass Exodus of Execs

Binance, the world’s largest cryptocurrency alternate by buying and selling quantity, has not too long ago witnessed a number of senior executives leaving the corporate attributable to causes together with the alternate’s ongoing regulatory battle within the U.S.

Final week, Binance’s Asia-Pacific head Leon Foong left the corporate, after main Binance’s growth into markets like Thailand, South Korea and Japan. His departure got here regardless of the alternate’s important progress in Asia, after dealing with regulatory lawsuits in america and Europe.

Hillmann, Binance’s Chief Technique Officer, confirmed his departure in July 2023, citing private causes. Nonetheless, stories steered that he, together with two extra Binance executives, left the corporate attributable to considerations about CZ’s dealing with of US DOJ investigations.

Together with Hillman, Common Counsel Hon Ng and SVP for Compliance Steven Christie additionally left the corporate.

Binance laid off a number of workers in July, which was reported by The Wall Road Journal that over 1000 workers had been fired. Nonetheless, CZ later confirmed that the numbers reported by media are “all method off” and that Binance is “nonetheless hiring.”

CZ Says Binance is “A lot Stronger”

Within the meantime, the corporate’s CEO CZ mentioned in a Twitter Spaces occasion on Friday that Binance is “a lot stronger,” replying to what he mentioned was the worry, uncertainty and doubt (FUD).

“We’re a a lot stronger firm at the moment than we had been two years in the past, I feel, method forward of the sport when it comes to regulatory compliance.”

He blamed Binance’s critics for attempting to border his firm akin to the failed crypto alternate FTX, that went bankrupt in November 2022.

He additional expressed optimism noting that Binance has proved its energy to maintain a big base of customers and its important market presence, regardless of the FUD and elevated regulatory scrutiny within the U.S. towards the Securities and Alternate Fee (SEC).

“I feel proper now, it does really feel like there’s a lack of readability within the crypto laws, and so they’re simply doing enforcement, which is a bit unhappy,” CZ famous concerning the lawsuit that Binance is presently dealing with. “Hopefully, with communication and collaboration, issues can transfer ahead higher.”

In the meantime, Binance’s native coin BNB confirmed a sudden spike in value previously 24 hours, up 0.72% to $215.49 whereas the broader crypto market is up 3.63%.

The BNB value is presently above resistance, with help set round $213.47 and resistance at $215.18, which reveals that the coin is probably in a unstable place if the rally burns out.