Binance records mild outflow as another top executive leaves

cyptouser6 months agoDecentralized Exchanges183

1691854714814.jpeg

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.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Long-term holders seem unfazed by Bitcoin’s dip to $29K

"Bitcoin's recent dip to $29,200 has set the crypto market abuzz, causing nearly $50 millio...

FTX bankruptcy hearing set for Thursday outlines key agenda

FTX bankruptcy hearing set for Thursday outlines key agenda

FTX Trading Ltd has filed an agenda for the next bankruptcy hearing on Aug. 23 before Judg...

Vitalik Buterin stirs market uncertainty with $1M Ethereum transfer to Coinbase

According to on-chain data, a wallet associated with Ethereum (ETH) co-founder Vitalik Buterin sent 600 Ether worth roughly $1 million to Coinbase earlier today.

The motive behind the transaction remains speculative as of press time. Usually, transfers to exchange are translated to mean an intention to sell. With Ethereum’s price recently struggling, Buterin’s transaction could further exert more selling pressure on the digital asset.

Meanwhile, on-chain sleuth Lookonchain reported that Vitalik.eth wallet repaid 251,000 RAI on DeFi platform Maker and withdrew 1,000 ETH (around $1.67 million) on Aug. 20.

The wallet known as “vitalik.eth” was created seven years ago and contained 3,993 ETH, worth $6.5 million as of press time. CryptoSlate, using the Arkham Intelligence dashboard, confirmed that the wallet belonged to the Ethereum co-founder. Other digital assets in the wallet include $84,000 worth of USD Coin (USDC) and $58,000 worth of Wrapped Ethereum (WETH).

This is not the first time Buterin would transfer assets to a crypto exchange. Earlier in the year, the Ethereum co-founder sent 200 ETH to Kraken in March. Around the same period, Buterin dumped several unsolicited altcoins (sh*tcoins) for 439.25 ETH.

ETH price struggling

Buterin’s transaction is coming on the heels of last Thursday’s crypto market flash crash. Last week, ETH’s price fell below $1700 for the first time since June and continued to trade under the mark as of press time.

According to CryptoSlate’s data, ETH traded at $1667 at the time of writing after a slight decline of 0.18% in the last 24 hours.

However, data from blockchain analytical firm Glassnode shows that Ethereum holders are jealously guarding their holdings as they rapidly send their assets off crypto exchanges. According to the data aggregator, the amount of ETH held on exchanges is 14.88 million, a level not recorded since 2018.

Vitalik Buterin stirs market uncertainty with $1M Ethereum transfer to Coinbase

Vitalik Buterin stirs market uncertainty with $1M Ethereum transfer to Coinbase

According to on-chain data, a wallet associated with Ethereum (ETH) co-founder Vitalik Buterin...

Nigerian authorities call on government to ban Binance amid Naira crisis

The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Nigerian government...

SEC settles with Bittrex and its ex-CEO for $24M following ‘scrubbing’ charges

The U.S. Securities and Exchange Commission (SEC) said on Aug. 10 that it has reached a $2...

Binance secures first operational license in Dubai amid regulatory hurdles in Europe.

Binance secures first operational license in Dubai amid regulatory hurdles in Europe.

Following multiple setbacks with European regulators, Binance has become the first digital asse...