Stéphanie Cabossioras Steps Down from Binance’s French Division Amidst Growing Regulatory Pressure
Stéphanie Cabossioras has stepped down from her role as the Head of Binance’s French operations, adding to the growing list of top executives leaving the prominent cryptocurrency platform this year. Before joining Binance in 2022, Cabossioras held a significant position at the French market authority. Her journey with Binance began as the regional legal chief, ultimately rising to oversee the French division. Her leadership at Binance coincided with the company’s move to establish its European hub in Paris.
Binance’s European Regulatory Challenges
Recently, Binance has been under the microscope of regulatory agencies, especially in France. In June, the crypto behemoth came under investigation in the country for potentially providing unauthorized digital financial services and possible money laundering activities.
Adding to its regulatory woes, Binance has pulled back from certain operations and halted regulatory submissions in various European nations, such as the UK, Netherlands, Belgium, and Germany, due to mounting challenges from oversight agencies.
The wave of departures from Binance began in July and includes key figures like the product head, chief strategy officer, general counsel, and the Asian-Pacific operations chief.
Amidst these significant exits, Binance and its CEO, Changpeng Zhao, are also embroiled in legal challenges, notably in the US, where the company is accused of mismanaging client funds and potentially misleading regulatory bodies.
The departure of Cabossioras underscores the ongoing tumult within Binance’s top-tier management, sparking concerns about the crypto titan’s ability to adeptly handle a rapidly evolving and stringent regulatory landscape.