Binance France Managing Director Joins Exodus Of Top Executives Leaving Troubled Crypto Exchange

Updated: 24 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Binance France managing director Stéphanie Cabossioras has left the company, adding to a long list of senior executives who have departed the troubled crypto exchange this year.

Confirming the departure, Binance France president David Prinçay tweeted a thank you note on X in appreciation of Cabossioras’s service to the company.

Binance’s Stéphanie Cabossioras Resigns

Nous remercions Stéphanie pour sa forte contribution à Binance France et lui souhaitons le meilleur pour son prochain défi.

— David Prinçay (@davidprincay) October 18, 2023

Binance Investigated In France

French newspaper Le Monde reported in June that Binance Finance had been under investigation since February 2022. The Paris Prosecutor’s Office cited money laundering and illegally operating as a service provider for digital assets among a series of allegations.

Cabossioras had joined Binance in April of last year and before that served as deputy general counsel at the Autorité des Marchés Financiers, the organization responsible for much of the financial regulation in the Canadian province of Quebec.

Binance Facing Perfect Storm

Parent Binance, the world’s biggest cryptocurrency exchange, has faced an almost perfect storm this year.

The SEC filed a lawsuit against it in June, alleging that it violated securities laws, while in March the US Commodity Futures Trading Commission charged Binance and CEO Changpeng Zhao with ”willful evasion of federal law.” Court filings unsealed since have accused Binance.US of not cooperating with the SEC’s investigation.

Binance.US cut its workforce by a third and an exodus of staff globally from the firm has gathered pace in recent months. The departure of Cabossioras brings to at least 12 the number of top executives who have left since July.

Fortune reported that the exodus was sparked in part by disquiet within the company about the way Zhao has handled an investigation into the exchange by the US Department of Justice.

In Europe, the exchange is also battling to stay compliant as regulatory authorities continuously clamp down on crypto companies. In the UK, Binance has had to temporarily suspend the onboarding of new users as it seeks a new approver for its financial promotions.

Binance temporarily limits service to UK users

The announcement comes after the UK regulator imposed restrictions on Binance's cryptocurrency marketing partner "Rebuildingsociety. com Ltd".

Starting from 11:00 p.m. on October 16, 2023, Binance will "temporarily close" new… pic.twitter.com/22KVD1teLj

— Snake0007 (@thiepv1) October 17, 2023

The company is also working to solve regulatory issues in the Netherlands and Germany and it ceased operations in Belgium, citing regulatory challenges. It also has exited the Russian market.