The recent move by Binance France in the realm of cryptocurrency has garnered everyone’s attention as another senior executive has announced her departure. In 2023, more than 10 senior executives resigned, and now one more from Binance France.
Executive Director of Binance France resigns
Stéphanie Cabossioras the Executive Director of Binance France has announced her resignation. Binance France President, David Prinçay, confirmed Cabossioras’ departure on October 19th in a statement posted on X (formerly Twitter). He expressed gratitude for her significant contributions during her tenure and wished her well in her future ambitions, stating, “We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge.”
Cabossioras initially joined Binance in April 2022, as the Head of Legal at the French division of the cryptocurrency exchange, and was promoted to the role of Executive Director in November of the same year.
According to a senior authority of Binance, the recent Cabossioras’ departure is not expected to have any adverse impact on the operations of Binance in France. The company continues to witness growth in its French-based operations.
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Before her tenure at Binance, Cabossioras served as the General Counsel at Autorité des marchés financiers, an organization responsible for much of the financial regulation in the Canadian province of Quebec.
Binance France under investigation
Binance’s French arm came under investigation in June when the Paris Prosecutor’s Office initiated an inquiry, mentioning “acts of aggravated money laundering” and several other charges as the basis for the investigation.
Somewhere, this departure in Binance also affected the growth of Binance, in September 2023, it was observed that volume on the exchanges was drastically falling due to the departure of a senior executive and this ongoing lawsuit.
But now, Stéphanie Cabossioras joins a growing list of senior executives who have left Binance for this year. In July, three executives, including Chief Strategy Officer Patrick Hilman, General Counsel Han Ng, and Steve Milton, Binance’s Global Vice President of Marketing and Communications, announced their respective departures.
Binance CEO’s response to departures
Binance CEO Changpeng “CZ” Zhao addressed these departures on July 7th, characterizing them as normal components of the company’s evolution and dismissing reports about them as “FUD,” which stands for “fear, uncertainty, and doubt.”
Binance’s legal challenges have escalated in recent months, with multiple high-profile lawsuits filed against the exchange by U.S. regulators. In March, the Commodities Futures Trading Commission (CFTC) filed a lawsuit against Binance, CZ, and their affiliates, alleging a series of trading violations. In June, the Securities and Exchange Commission (SEC) initiated legal proceedings against CZ, Binance, and its affiliates, accusing them of operating as unregistered securities brokers, among other charges.
The departure from Binance also impacted the exchange’s growth. In September 2023, it was observed that trading volume on the platform had significantly decreased following the departure of a senior executive and an ongoing lawsuit, as reported by Todayq News.
Cabossioras’ departure adds to the ongoing narrative of leadership changes at Binance, a company that remains in the spotlight due to regulatory scrutiny in this rapidly evolving sector.