Binance France Loses Another Top Executive Amid Regulatory Pressure

Binance, the world’s largest cryptocurrency exchange by trading volume, has seen another senior leader leave its French unit amid growing regulatory scrutiny and challenges. Stéphanie Cabossioras, who served as the managing director of Binance France since November 2022, announced her resignation on Tuesday.

Cabossioras’ Contribution to Binance France

Cabossioras joined Binance in April 2022 as the head of legal for its French arm, before being promoted to the executive director role seven months later. She was instrumental in establishing Binance’s European hub in Paris and leading its legal and regulatory affairs in the country.

Binance France Loses Another Top Executive Amid Regulatory Pressure
Binance France Loses Another Top Executive Amid Regulatory Pressure

David Prinçay, the president of Binance France, expressed his gratitude for Cabossioras’ work at the exchange in a post on X (formerly known as Twitter). He wrote: “We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge.”

Cabossioras confirmed her departure but declined to comment further. A spokesperson from Binance also confirmed her exit to Bloomberg and said that it had “no impact on its operations.”

Binance France Under Investigation

Cabossioras’ resignation comes at a time when Binance is facing regulatory pressure and investigations in France and other countries. In June, French authorities launched an investigation into Binance for alleged illegal provision of digital-asset services and acts of aggravated money laundering, according to Bloomberg.

The investigation followed a complaint filed by a French user who claimed that he lost access to his account and funds on Binance. The user also accused the exchange of failing to comply with anti-money laundering and consumer protection rules.

Binance has also faced regulatory hurdles in other European countries, such as Germany, Italy, and the Netherlands, where it has suspended some of its services or withdrawn its applications for licenses.

Binance’s Exodus of Senior Leaders

Cabossioras is the fifth senior executive to leave Binance since July, adding to the list of high-profile departures from the crypto exchange this year. The previous exits include:

  • Brian Brooks, who resigned as the CEO of Binance US after only four months on the job
  • Jonathan Farnell, who stepped down as the director of compliance at Binance Europe
  • Gin Chao, who left his position as the chief strategy officer at Binance
  • Samuel Lim, who quit as the chief compliance officer at Binance

These departures coincide with multiple lawsuits and investigations against Binance and its CEO, Changpeng Zhao, by regulators in various jurisdictions, especially in the United States. The exchange has been accused of violating securities laws, facilitating money laundering, mishandling customer funds, and misleading regulators.

Binance has denied any wrongdoing and said that it is committed to complying with local laws and regulations. It has also hired former regulators and industry veterans to bolster its compliance and legal teams.

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