{"id":56803,"date":"2023-09-04T13:21:59","date_gmt":"2023-09-04T17:21:59","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-head-of-product-mayur-kamat-steps-down-cz-pushes-back-on-fud-as-bnb-price-on\/"},"modified":"2023-09-04T13:22:02","modified_gmt":"2023-09-04T17:22:02","slug":"binance-head-of-product-mayur-kamat-steps-down-cz-pushes-back-on-fud-as-bnb-price-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=56803","title":{"rendered":"Binance Head of Product Mayur Kamat Steps Down, CZ Pushes Back On FUD As BNB Price On"},"content":{"rendered":"
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Crypto exchange giant Binance confirmed to Cryptonews on Monday, that the company\u2019s global head of product, Mayur Kamat, has resigned, amid a mass exodus of executives and job cuts within the company.<\/p>\n

\u201cWe can confirm that Mayur has stepped down from his role as product lead. We are grateful to him for helping guide Binance through some of our most explosive growth and we wish him the very best,\u201d a company spokesperson said in a mail.<\/p>\n

Kamat has served for nearly 2 years in Binance and during his tenure, he has helped Binance grow from 80 million to 150+ million users in a span of 18 months by establishing experimentation, growth product, and conversion optimization, among others, per his LinkedIn profile.<\/p>\n

\u201cIt has been an experience of a lifetime working at Binance and seeing our user base grow,\u201d Kamat said after stepping down from the executive position.<\/p>\n

As first reported by The Block, Kamat cited \u201cpersonal reasons\u201d for leaving the company and said he handed over the position to next-gen leaders seamlessly.<\/p>\n

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“It is time for me to step down and transition product leadership to Binance’s next-gen leaders. I have worked closely with product leads to ensure a seamless transition.\u201d<\/p>\n<\/blockquote>\n

He also added that this is a \u201cgood time\u201d to personally take some time off from his \u201cnon-stop\u201d career in products. Prior to his career in Binance, he worked at some of the leading global multinational corporations (MNCs) including Google, Microsoft and Agoda.<\/p>\n

He further thanked the Binance team and the founder Changpeng Zhao (CZ) and said that he would be \u201ccheering Binance from the sidelines.\u201d<\/p>\n

Binance Faces Mass Exodus of Execs<\/h2>\n

Binance, the world\u2019s largest cryptocurrency exchange by trading volume, has recently witnessed several senior executives leaving the company due to reasons including the exchange\u2019s ongoing regulatory battle in the U.S.<\/p>\n

Last week, Binance\u2019s Asia-Pacific head Leon Foong left the company, after leading Binance\u2019s expansion into markets like Thailand, South Korea and Japan. His departure came despite the exchange\u2019s significant growth in Asia, after facing regulatory lawsuits in the United States and Europe.<\/p>\n

Hillmann, Binance’s Chief Strategy Officer, confirmed his departure in July 2023, citing personal reasons. However, reports suggested that he, along with two more Binance executives, left the company due to concerns about CZ\u2019s handling of US DOJ investigations.<\/p>\n

Along with Hillman, General Counsel Hon Ng and SVP for Compliance Steven Christie also left the company.<\/p>\n

Binance laid off several employees in July, which was reported by The Wall Street Journal that over 1000 staff were fired. However, CZ later confirmed that the numbers reported by media are \u201call way off\u201d and that Binance is \u201cstill hiring.\u201d<\/p>\n

CZ Says Binance is \u201cMuch Stronger\u201d<\/h2>\n

In the meantime, the company\u2019s CEO CZ said in a Twitter Spaces<\/a> event on Friday that Binance is \u201cmuch stronger,\u201d replying to what he said was the fear, uncertainty and doubt (FUD).<\/p>\n

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\u201cWe are a much stronger company today than we were two years ago, I think, way ahead of the game in terms of regulatory compliance.\u201d<\/p>\n<\/blockquote>\n

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He blamed Binance\u2019s critics for trying to frame his company akin to the failed crypto exchange FTX, that went bankrupt in November 2022.<\/p>\n

He further expressed optimism noting that Binance has proved its strength to keep a large base of users and its significant market presence, despite the FUD and increased regulatory scrutiny in the U.S. against the Securities and Exchange Commission (SEC).<\/p>\n

\u201cI think right now, it does feel like there is a lack of clarity in the crypto regulations, and they’re just doing enforcement, which is a bit sad,\u201d CZ noted regarding the lawsuit that Binance is currently facing. \u201cHopefully, with communication and collaboration, things can move forward better.\u201d<\/p>\n

Meanwhile, Binance\u2019s native coin BNB showed a sudden spike in price in the past 24 hours, up 0.72% to $215.49 while the broader crypto market is up 3.63%.<\/p>\n

The BNB price is currently above resistance, with support set around $213.47 and resistance at $215.18, which shows that the coin is potentially in a volatile position if the rally burns out.<\/p>\n<\/p><\/div>\n