More Binance Executives Step Down As the Crypto Exchange’s Troubles Deepen

Tags

Top Highlights

• More Binance Executives Step Down As the Crypto Exchange’s Troubles Deepen

• Stéphanie Cabossioras, Managing Director of Binance’s French unit, resigns, marking the fifth major executive departure at Binance. Binance faces global regulatory challenges, including scrutiny in Europe and the US, leading to service suspensions and setbacks. Binance.US sees a drastic decline in market share after allegations from the SEC and CFTC, with its share falling to below 1%.

• 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.

• 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.

• 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.