Binance’s Managing Director of French Unit Resigns
In the latest development at Binance, Stéphanie Cabossioras, who served as the Managing Director of the crypto exchange’s French unit, has resigned. This departure comes at a time when Binance is facing significant regulatory challenges worldwide.
Another Executive Leaves Binance
Cabossioras initially joined Binance as the Head of Legal and later became the General Manager for the French division. Her arrival coincided with Binance’s decision to establish a European hub in Paris. David Prinçay, President of Binance France, expressed his gratitude to Cabossioras for her contributions.
“We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge,” Prinçay said.
This departure marks the fifth major executive resignation at Binance. Previous departures include the Head of Product, Chief Strategy Officer, General Counsel, and the Asia-Pacific Leader. These resignations have occurred amidst ongoing lawsuits against Binance.
Regulatory Challenges in Europe
Binance has faced regulatory hurdles in various European countries. In France, authorities launched an investigation into alleged illicit provision of digital-asset services and money laundering accusations. As a result, Binance has suspended certain services and withdrawn regulatory applications in countries like the Netherlands, Belgium, and Germany.
Additionally, Binance recently restricted new user registrations in the United Kingdom to comply with the Financial Conduct Authority’s (FCA) guidelines. The FCA aims to ensure that non-registered crypto platforms do not engage in marketing collaborations with FCA-authorized entities.
Troubles in the US
Binance is also facing challenges in the United States. The crypto exchange and its CEO, Changpeng Zhao, are accused of mishandling customer funds and potentially deceiving regulators. Binance.US has halted US dollar withdrawals, requiring customers to convert dollars to stablecoins or other cryptocurrencies before withdrawal. It was also revealed that Binance.US deposits are not FDIC-insured.
These challenges have resulted in a significant decline in Binance.US’s market share. Following allegations by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), the exchange’s share has dropped below 1%.
Hot Take: Binance Faces Mounting Regulatory Pressure
Binance continues to face a series of high-profile departures and regulatory challenges globally. The resignation of Stéphanie Cabossioras, along with previous executive departures, highlights the turmoil within the crypto exchange. Regulatory investigations, suspensions of services, and withdrawal of applications in various countries have further compounded Binance’s difficulties.
In the United States, allegations of mishandling customer funds and regulatory deception have significantly impacted Binance.US’s market share. These mounting challenges suggest that Binance is grappling with serious regulatory pressure that could have long-lasting effects on its operations and reputation in the cryptocurrency industry.
By
By
By
By