By Tom Blitzer
Key Insights:
- Stéphanie Cabossioras departs as Binance France’s Executive Director amidst a year of high-profile exits.
- Before Binance, Cabossioras played a crucial role in financial regulation in Quebec’s Autorité des Marchés Financiers.
- Binance faces legal challenges globally, with U.S. regulators launching lawsuits over alleged trading violations.
Stéphanie Cabossioras, the executive director of Binance France, has resigned in a significant development. This move marks the departure of at least the 10th senior executive from the global crypto exchange this year alone.
Cabossioras’ Journey with Binance
Stéphanie Cabossioras began her stint with Binance in April 2022. Initially, she took on the role of head of legal for the French division. However, her commendable performance led to a swift promotion. By November 2022, she was serving as the executive director. Before her association with Binance, Cabossioras was pivotal as the general counsel at Autorité des Marchés Financiers. This organization plays a crucial role in financial regulation within Quebec, a Canadian province.
David Prinçay, a resident representative of Binance France, took to X (previously Twitter) on October 19th to confirm this news. He stated, “We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge.”
Moreover, a Binance spokesperson emphasized that the French operations remain on an upward trajectory. They assured that Cabossioras’ exit would not hinder its smooth functioning.
Binance’s Year of Challenges
Besides the top-level exits, Binance’s French division faced scrutiny earlier this year. In June, the Paris Prosecutor’s Office initiated an investigation. The primary concern was “acts of aggravated money laundering” and other serious charges.
Additionally, on July 6, the crypto world was abuzz with the news of three more resignations from Binance. These included Patrick Hilman, the chief strategy officer, Han Ng, the general counsel, and Steve Milton, the global vice president of marketing and communications. Addressing these exits, Binance CEO Changpeng “CZ” Zhao termed them as regular phases in the company’s growth journey. He dismissed the circulating speculations as mere FUD (Fear, Uncertainty, and Doubt).
Binance’s hurdles extend beyond France’s borders. The cryptocurrency behemoth faces legal obstacles in the U.S. In March, the Commodities Futures Trading Commission launched a case against CZ, Binance, and its related groups over purported trading infractions. Additionally, in June, the U.S. Securities and Exchange Commission stepped in, leveling charges against CZ, Binance, and its partners for operating without a securities broker registration, among other claims.
Editorial credit: Emre Akkoyun / Shutterstock.com