July 25, 2024
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Resignation of Binance France director adds to list of people leaving cryptocurrency exchange

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Stéphanie Cabossioras has become the latest in a string of high-ranking executives to exit the crypto exchange this year, marking at least the 10th departure. In an announcement on X (formerly known as Twitter) dated October 19, Binance France’s resident, David Prinçay, confirmed Cabossioras’ resignation and conveyed appreciation for her contributions to the exchange. Prinçay expressed gratitude, stating, “We acknowledge Stéphanie for her substantial impact on Binance France and extend our best wishes for her upcoming endeavors.” Cabossioras initially joined Binance in April 2022 as the head of legal for the French arm of the crypto exchange and was later promoted to the position of executive director in November of the same year. Responding to inquiries, a Binance spokesperson informed Cointelegraph that the operations in France continue to thrive, emphasizing that Cabossioras’ departure has had no adverse effects on the exchange’s operations. Before joining the crypto exchange, Cabossioras served as the general counsel at Autorité des Marchés Financiers, the regulatory body overseeing much of the financial regulations in the Canadian province of Quebec. Binance’s France division became the subject of a local investigation in June, prompted by allegations of “acts of aggravated money laundering” among other charges, as stated by the Paris Prosecutor’s Office. With Cabossioras’ departure, her name joins the list of at least 10 senior executives who have left Binance in the course of this year alone. On July 6, three executives, including Chief Strategy Officer Patrick Hilman, General Counsel Han Ng, and Binance’s Global Vice President of Marketing and Communications, Steve Milton, announced their respective departures. Addressing these departures on July 7, Binance CEO Changpeng “CZ” Zhao characterized them as routine aspects of the company’s evolution, dismissing reports as FUD, an acronym for “fear, uncertainty, and doubt.” Binance’s legal challenges have escalated following a series of high-profile lawsuits from U.S. regulators. In March, the Commodities Futures Trading Commission sued CZ, Binance, and its affiliates for alleged trading violations. In June, the U.S. Securities and Exchange Commission initiated legal proceedings, suing CZ, Binance, and its affiliates for allegedly operating as an unregistered securities broker, among other charges.