Binance, a prominent cryptocurrency exchange, has recently experienced a significant shakeup in its executive team, with Mayur Kamat
the global head of product, resigning. This departure is part of a broader trend of high-level executives leaving the company
along with a series of job cuts
as confirmed by a spokesperson for Binance in a statement to Reuters on Monday.

Kamat’s exit adds to the list of key figures departing from Binance, including Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng. These departures come at a time when Binance is facing increased regulatory scrutiny
particularly in the United States, where regulatory authorities have been taking aggressive measures against what they perceive as illegal activities within the cryptocurrency industry.

One of the most notable legal actions against Binance initiated by the Securities and Exchange Commission (SEC) in June. The SEC filed a lawsuit against Binance and its CEO, Changpeng Zhao, accusing them of operating a “web of deception.” The lawsuit included 13 charges, such as allegations that the company artificially inflated its trading volumes, misappropriated customer funds, and failed to prevent U.S. customers from accessing its platform.

In response to these allegations, it has asserted its commitment to defending itself vigorously in legal proceedings. Additionally, the exchange made headlines in July when it announced layoffs, further illustrating the challenges and changes the company is undergoing in this rapidly evolving regulatory landscape.