Stéphanie Cabossioras, who formerly held the role of Managing Director responsible for overseeing Binance's French operations, has announced her resignation.
This departure marks another significant chapter in a narrative of high-profile departures from the world's leading cryptocurrency exchange throughout the year.
Binance France Managing Director's Departure
Before her tenure at Binance, Stéphanie served as the Deputy General Counsel at the French market authority.
In April 2022, she made her transition to Binance, initially assuming the role of Regional Head of Legal before rising to the position of Managing Director.
Her appointment coincided with Binance's strategic decision to establish its European command centre in the French capital.
President of Binance France David Prinçay expressed his gratitude to her for her contributions on X (formerly known as Twitter):
"We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge."
Her departure is not an isolated incident but rather part of a larger exodus of senior executives from Binance.
Among those who have left are the Head of Product, Chief Strategy Officer, General Counsel, and the Asia-Pacific Leader.
These departures take place against a backdrop of mounting legal challenges confronting the cryptocurrency exchange.
At the time of writing, her profile on X has not been updated to reflect her departure.
Binance's Regulatory Hurdles in Europe & US
French authorities have initiated an investigation into allegations of illicit provision of digital-asset services and money laundering.
@binance was charged with aggravated money laundering in France.@cz_binance tried to “play it off”, as he always does.
Now the head of Binance France, who previously worked for regulators, just quit.
He never takes responsibility. He lies incessantly. This will never stop. pic.twitter.com/iddA6DQPa9
— Travis Kling (@Travis_Kling) October 18, 2023
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Meanwhile, Binance has opted to curtail its operations and withdraw several regulatory applications across multiple European jurisdictions, including the United Kingdom (UK), Netherlands, Belgium, and Germany, to name a few.
These decisions have been prompted by mounting regulatory pressure.
In the UK, the Financial Conduct Authority (FCA) introduced new guidelines targeting marketing collaborations between non-registered crypto platforms and FCA-authorised entities, which forced Binance to limit new user registrations in order to comply.
However, Binance's challenges are not confined to Europe.
The cryptocurrency exchange, along with its CEO, Changpeng Zhao (CZ), has been under scrutiny for alleged mishandling of customer funds and potential regulatory non-compliance in the United States (US).
In a recent development, Binance.US suspended US dollar withdrawals, necessitating customers to convert dollars to stablecoins or other cryptocurrencies before withdrawing, and disclosed that Binance.US deposits are not FDIC-insured.
Further complicating matters, Binance's partnership with rebuildingsociety.com raised concerns, as the FCA asserted that the entity lacked authorisation to endorse crypto advertisements.
In response, Binance has expressed its commitment to collaborating with an FCA-approved entity in the near future.
Weiliang
