Binance’s Global Head of Product Resigns, Amid Wider Exodus

Reported on September 4, Binance’s Global Head of Product, Mayar Kumat, has resigned from the company, becoming the latest in a growing list of leading individuals within the exchange to depart amidst increasing pressure from US regulators in particular. 

The month of July 2023 saw the world’s largest cryptocurrency exchange say goodbye to both chief strategy officer, Patrick Hillman, and compliance executive, Steven Christie. Both appear to have pointed to personal reasons being behind their departure, but cynicism exists in light of the increasing regulatory scrutiny being exerted on the platform. 

However, even more recently than Hillman and Christie, came the reported resignation of Binance’s Head of Asia-Pacific, Leon Foong, in late August.

Binance’s ongoing battle with the US Securities and Exchange Commission (SEC), and other regulatory bodies, appears not only to have led to several high-profile departures from the exchange, but also a wider skepticism around the platform’s positioning and long-term viability.