Binance France Managing Director Stéphanie Cabossioras Resigns
Binance France managing director Stéphanie Cabossioras has left the company, becoming one of many senior executives to depart from the troubled crypto exchange this year. Binance France president David Prinçay confirmed Cabossioras’s departure and expressed gratitude for her service to the company.
Binance Investigated In France
In June, French newspaper Le Monde reported that Binance Finance had been under investigation since February 2022. The Paris Prosecutor’s Office accused the exchange of money laundering and illegally operating as a service provider for digital assets.
Binance Facing Perfect Storm
The world’s largest cryptocurrency exchange, Binance, has faced numerous challenges this year. In June, the SEC filed a lawsuit against Binance, alleging violations of securities laws. Additionally, in March, the US Commodity Futures Trading Commission charged Binance and CEO Changpeng Zhao with “willful evasion of federal law.” Court filings have revealed that Binance.US has been uncooperative with the SEC’s investigation.
Binance.US has also reduced its workforce by a third, and there has been a global exodus of staff from the company in recent months. The departure of Cabossioras marks at least 12 top executives who have left since July. Fortune reported that discontent within the company regarding Zhao’s handling of the DOJ investigation contributed to this exodus.
In Europe, Binance is grappling with regulatory compliance issues. In the UK, the exchange temporarily suspended onboarding new users as it seeks a new financial promotions approver. The company is also addressing regulatory concerns in the Netherlands and Germany, and it has exited operations in Belgium and Russia.
Hot Take: Challenges Continue for Binance
Binance’s ongoing regulatory issues and the departure of key executives indicate the challenges the exchange is currently facing. With investigations and lawsuits looming, Binance must navigate a complex landscape to maintain its position as a leading cryptocurrency exchange. The company’s ability to address these concerns will be crucial in determining its future success.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.