Binance records mild outflow as another top executive leaves Binance records mild outflow as another top executive leaves
Several top Binance executives have left the exchange amid the regulatory issues it is facing.
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Updated: Sep. 5, 2023 at 12:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance confirmed to CryptoSlate in a Sept. 4 email that its head of product, Mayur Kamat, had left his role at the exchange.
A Binance spokesperson said:
“We can confirm that Mayur has stepped down from his role as product lead.”
Kamat joined Binance in January 2022 and had previously worked at Google and Agoda before becoming the head of product for the exchange.
Top excos exodus
The exit of several top executives has further increased speculations about Binance’s future.
Over five top-level executives have left the exchange this year, including its chief strategy officer, Patrick Hillmann, senior vice president for compliance, Steven Christie, general counsel Han Ng, and director of investigations, Matthew Price.
Last week, the exchange confirmed to CryptoSlate that the head of its Asia-Pacific region, Leon Foong, also resigned from his position at the firm.
Concerns over these executives’ departures may not be unwarranted, especially in light of the recent regulatory scrutiny faced by the exchange. The Securities and Exchange Commission (SEC) has sought court permission to file certain documents in its legal action against Binance confidentially.
This development has triggered speculation that the U.S. Department of Justice could be gearing up for a potential criminal lawsuit involving Binance and its CEO, Changpeng Zhao.
Binance record outflows
The ongoing speculations are taking a toll on Binance’s reputation despite CEO Zhao’s persistent calls to disregard FUD (Fear, Uncertainty, Doubt). In the past 24 hours, Binance has also experienced slight outflows of around $345 million, as per data from Defillama.
Since the total value of assets on its platformed peak of over $71 billion in April, the exchange’s assets have dwindled to $57.72 billion as of September. However, this decline can also be linked to the current bear market situation that has seen the crypto market shed more than 3% of its value during the period.
Amid Binance’s challenges, BNB has managed a modest 0.8% gain in the last 24 hours, currently trading at $216.04.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.