Binance’s vice president of Eastern Europe, Turkey, the Commonwealth of Independent States, Australia, and New Zealand, Gleb Kostarev, has announced his resignation. Kostarev is the latest exec to depart the beleaguered exchange after Binance product lead Mayur Kamat called it quits two days ago.
The outgoing exec thanked Binance co-founders Changpeng Zhao and He Yi for the opportunity but didn’t specify the reason for his departure. He worked at the exchange for five years and “was looking forward to new achievements and adventures.”
Key Russian Execs Depart Under a Cloud of Platitudes
Under Kostarev’s watch, Binance launched a regulated exchange in Kazakhstan, suspended and restored Russian trading in response to US sanctions, and canceled its derivatives license in Australia. The exchange has not announced a replacement for the departing executive.
“It’s been an incredibly interesting 5-year journey, and I’m glad if I’ve been able to contribute to crypto adoption and freedom of money,” he said
Vladimir Smerkis, general manager for Russia and CIS, also announced his resignation. Unlike Kostarev, Smerkis promised to elaborate on the reasons for his departure at a later date.
The rise and fall of Binance, explained by BeInCrypto’s Cris Kubli.
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Kostarev follows Binance’s Senior Vice-President and global product lead, Mayur Kamat, who Binance confirmed had stepped down yesterday. Kamat said he looked forward to passing the baton to Binance’s “next-gen” leaders after 20 years of product development.
CZ Goes on the Defensive After Latest Departures
The exchange faces legal action in several jurisdictions, including the US and France. It also failed to comply with anti-money laundering requirements necessary to get licenses in the Netherlands and Germany.
Lest the crypto community view the latest departures as signs of capitulation, Zhao tweeted:
“Some of our team members are growing into bigger roles, some outside of #Binance. Some are doing new exciting ventures. I even made intros/references for many of them. We are supportive of everyone. We are one community. This also creates more growth opportunities within #Binance, btw. Ignore F[ear]U[ncertainty]D[oubt], keep building!”
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However, the exchange engaged in at least some short-term cost-cutting when it fired around 1,000 employees during its sixth birthday in July. A spokesperson defended the company’s decision as a search for the “right talent and expertise in critical roles.”
Binance’s share of spot volume fell to around 50% in Q2 | Source: Kaiko
Around the same time, SVP for Compliance Steven Christie and General Counsel Hon Ng left the exchange. Former Chief Strategy Officer Patrick Hillman, who also helped the exchange beef up its compliance, also left amid the imminent birth of his child.
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