Binance's global head of product and design, Mayur Kamat, has resigned amid a string of executive exits and job cuts at the cryptocurrency exchange, The Block reported on Monday citing a source.

Kamat's exit follows a recent executive exodus from Binance that includes Chief Strategy Officer Patrick Hillmann and General Counsel Hon Ng.

Binance did not immediately respond to a Reuters request for comment on the report.

The cryptocurrency exchange has lately been under heavy regulatory scrutiny in the United States, with regulators aggressively clamping down on what they deem are illegal activities.

The Securities and Exchange Commission (SEC) sued Binance and CEO Changpeng Zhao in June for allegedly operating a "web of deception", listing 13 charges including claims the company artificially inflated its trading volumes, diverted customer funds, and failed to restrict U.S. customers from its platform.

Binance has said it would defend itself vigorously.

The company also laid off a number of employees in July.

(Reporting by Akanksha Khushi in Bengaluru; editing by Eileen Soreng)