Stéphanie Cabossioras Steps Down as Executive Director of Binance France
Stéphanie Cabossioras has resigned from her position as the executive director of Binance France, making her the tenth senior executive to leave Binance this year. Binance France President David Prinçay confirmed Cabossioras’ departure and expressed his appreciation for her work at the exchange.
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
“We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge,” wrote Prinçay.
Cabossioras’ Journey at Binance
Cabossioras initially joined Binance in April 2022 as the head of legal for Binance France. She was later promoted to the role of Executive Director in November of the same year. Prior to joining Binance, she served as the General Counsel at Autorité des marchés financiers, which oversees financial regulation in Quebec, Canada.
Binance France Under Investigation
In June, the Paris Prosecutor’s Office initiated an investigation into Binance’s French arm, citing “acts of aggravated money laundering” and other charges. With Cabossioras’ departure, she joins a growing list of at least ten senior executives who have left Binance this year.
Departures and Binance CEO’s Response
In July, three executives, including the chief strategy officer, general counsel, and global vice president of marketing and communications, announced their departures from Binance. Binance CEO Changpeng “CZ” Zhao addressed these departures as a normal part of the company’s evolution and dismissed reports about them as FUD (fear, uncertainty, and doubt).
4. More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong.
As an organization that has grown from 30 to 8000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months…
— CZ Binance (@cz_binance) July 6, 2023
Binance’s Legal Troubles
Binance has faced increasing legal challenges, particularly in the United States. In March, the Commodities Futures Trading Commission filed a lawsuit against Binance and CZ for alleged trading violations. The Securities and Exchange Commission also initiated legal proceedings in June, accusing Binance and its affiliates of operating as an unregistered securities broker.
Hot Take: Binance Faces Senior Executive Exodus Amid Legal Woes
Binance’s ongoing legal troubles have resulted in another high-profile departure. Stéphanie Cabossioras, the executive director of Binance France, has left her role, joining a growing list of senior executives who have left the company this year. The investigation by the Paris Prosecutor’s Office into Binance’s French arm further adds to the exchange’s challenges. Binance CEO CZ has dismissed these departures as normal, but the continued exodus raises questions about the company’s stability and future direction. With multiple lawsuits filed against Binance in the United States, it remains to be seen how the exchange will navigate these legal battles and restore confidence among its users and stakeholders.
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