In the latest series of high-profile departures at Binance, Stéphanie Cabossioras, Managing Director of the crypto exchange’s French unit, has resigned.
This move follows a tumultuous year for one of the world’s leading cryptocurrency exchanges, now grappling with rigorous regulatory challenges on a global scale.
Another Binance Executive Steps Down
Stéphanie Cabossioras’ journey with Binance began last year when she joined as the Head of Legal. Later, she ascended to the General Manager role for the French division. Her arrival at Binance coincided with the company’s strategic decision to establish a European hub in Paris.
David Prinçay, President of Binance France, took to social media to express gratitude to Cabossioras for her contributions.
“We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge,” Prinçay said.
Cabossioras marks the fifth major executive departure from Binance. An extensive global list includes the Head of Product, Chief Strategy Officer, General Counsel, and the Asia-Pacific Leader. These exits are set against the backdrop of numerous lawsuits against Binance.
For instance, in France, authorities launched an investigation into the alleged illicit provision of digital-asset services and accusations of money laundering.
The crypto behemoth has since encountered regulatory hindrances in several European countries. These have led to the suspension of certain services and the withdrawal of regulatory applications in nations like the Netherlands, Belgium, and Germany, to name a few.
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Recent developments also revealed the crypto exchange restricting new user registrations in the United Kingdom to comply with the Financial Conduct Authority’s (FCA) new guidelines. The FCA’s mandates focus on ensuring marketing collaborations between non-registered crypto platforms and FCA-authorized entities.
This new policy took a turn when Binance’s partnership with rebuildingsociety.com was scrutinized. The FCA declared that the latter lacked the authorization to endorse crypto advertisements. Addressing this setback, Binance clarified its intention to collaborate with an approved FCA entity soon.
The Crypto Exchange is in Trouble in the US
Binance’s woes are not limited to Europe. The crypto exchange and its CEO, Changpeng Zhao, face claims of mishandling customer funds and potential regulatory deception in the US.
Further adding to the challenges, Binance.US recently halted US dollar withdrawals. Customers must now convert dollars to stablecoins or other cryptocurrencies before withdrawal. This change comes alongside the revelation that Binance.US deposits are not FDIC-insured.
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These mounting challenges have seen Binance.US’s market share plummet drastically. Following allegations by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), the exchange’s share nosedived to below 1%.