Binance France’s general manager has made the decision to step down from her role after one year and six months. This news puts her among the list of senior executives who have left the largest cryptocurrency exchange this year.
Executive Director and Deputy CEO Steps Down
On October 18, Binance France’s Executive Director and Deputy CEO, Stéphanie Cabossioras, announced her resignation as the General Manager of Binance’s French unit. This marks the fifth departure of a senior executive from the company since July, which has become a concerning trend for the exchange.
“The news was confirmed by David Prinçay, president of Binance France.”
In a post on X (formerly known as Twitter), David Prinçay expressed his gratitude for Cabossioras’ contributions to the exchange and wished her well in her future endeavors.
“Stéphanie Cabossioras’ journey with Binance began in April last year…”
Cabossioras joined Binance in April of the previous year as the head of legal for the exchange in the region. Later, in November, she was promoted to the role of General Manager for the French unit. Her arrival at Binance coincided with the company’s decision to establish a European hub in Paris.
Regulations and Legal Challenges
The resignations of senior executives come at a time when Binance is facing regulatory scrutiny in various countries. French authorities initiated an investigation into Binance in June, accusing the exchange of illegal provision of digital-asset services and acts of aggravated money laundering. As a result, Binance has faced service suspensions and regulatory issues in multiple European nations.
“Binance’s legal challenges have escalated…”
In the United States, Binance has also faced high-profile lawsuits by regulatory bodies. The U.S. Securities and Exchange Commission sued Binance and its CEO Changpeng Zhao, alleging that the company operated as an unregistered securities broker and violated other regulations.
Despite these challenges, Binance has continued to expand its presence in France. The company has invested €100 million ($105 million) in France’s blockchain ecosystem, creating job opportunities and demonstrating its commitment to cryptocurrency activities in the region.
