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Binance’s French unit loses managing director amid regulatory scrutiny

Binance terminates Ruble payment partnership amid regulatory hurdles

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TL;DR

  • Stéphanie Cabossioras has resigned as the managing director of Binance’s French unit, marking another high-profile exit amid the company’s ongoing regulatory challenges.
  • Cabossioras, who had significant experience in financial regulations, had joined Binance last year and also served as the head of legal for the French unit.
  • Binance faces scrutiny from French authorities and has pulled out of several European countries recently, adding to its list of challenges including lawsuits and the departure of other senior executives.

In a recent development that adds to the mounting challenges facing Binance, Stéphanie Cabossioras has resigned as the managing director of the cryptocurrency exchange’s French unit. Cabossioras’ departure follows a series of high-profile exits at Binance, further shaking the crypto firm’s operations amid ongoing regulatory investigations.

Cabossioras’ diverse roles at Binance France

Cabossioras joined Binance France in April last year, initially serving as head of legal for the region. She later took on the role of the firm’s general manager in France. Moreover, Cabossioras is no stranger to financial regulations. Before joining Binance, she was deputy general counsel at France’s market regulator, Autorité des Marchés Financiers.

David Prinçay, the president of Binance France, expressed gratitude for Cabossioras’ contributions. In a recent post on social media platform X, Prinçay said, “We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge.” However, Cabossioras did not immediately respond to requests for comment. A spokesperson for Binance did confirm her departure.

Regulatory hurdles affecting Binance operations

This resignation comes at a delicate time for Binance, which faced investigations from French authorities in June for alleged illegal provision of digital-asset services and aggravated money laundering. Significantly, Binance has been retreating from multiple European countries recently due to regulatory difficulties. This includes exits from the Netherlands, Belgium, the UK, and Germany.

Additionally, Cabossioras is the fifth senior executive to leave Binance since July. This follows the departures of the firm’s head of product, chief strategy officer, general counsel, and Asia-Pacific boss. These exits have further escalated the challenges for Binance, which has also been hit by several lawsuits. The most noteworthy among them involves allegations of mishandling customer funds and misleading regulators in the United States.

France emerged as a significant location for cryptocurrency activities last year. International companies like Crypto.com and stablecoin operator Circle have also established their European bases in Paris. Binance itself has made substantial investments in the French market. In April, Prinçay announced that Binance had created over 150 permanent positions in France during the past year. The exchange had also previously pledged a 100-million-euro investment into France’s blockchain ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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