withdrawal of regulatory applications in nations like the Netherlands, Belgium, and Germany, to name a few.
In the latest series of high-profile departures at Binance, Stéphanie Cabossioras, Managing Director of the crypto exchange’s French unit, has resigned.
now grappling with rigorous regulatory challenges on a global scale.
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.
marks the fifth major executive departure from Binance.
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.
alleged illicit provision of digital-asset services and accusations of money laundering.
regulatory hindrances in several European countries
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.
Binance.US recently halted US dollar withdrawals
s. 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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