Stéphanie Cabossioras, the managing director of Binance France, has stepped down from her position, marking the fifth executive departure from the company since July. The news was confirmed by David Prinçay, president of Binance France. Prior to her role as managing director, Cabossioras had served as head of legal and deputy general counsel at Autorité des Marchés Financiers.
The resignation follows a series of senior leadership departures this year under CEO Changpeng Zhao. Cabossioras's move comes in the wake of ongoing regulatory issues that Binance faces across Europe, including allegations of illegal activities and money laundering. These allegations have prompted an investigation by French authorities and led to service suspensions in multiple countries.
In addition to regulatory challenges, Binance has been accused in several lawsuits of mishandling customer funds and misleading regulators. Despite these hurdles, the company has continued to expand its operations in France. It has added over 150 positions and invested $105 million into its blockchain ecosystem, reflecting a surge in crypto activity.
Companies like Crypto.com and Circle have established bases in Paris, indicating a growing interest in the city as a hub for cryptocurrency businesses. However, the recent executive departures and ongoing regulatory scrutiny faced by Binance underscore the complexities and challenges within the rapidly evolving crypto industry.
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