Stéphanie Cabossioras has resigned as the managing director of Binance’s French unit, the latest in a line of leaders to depart the cryptocurrency exchange.
Cabossioras, who joined Binance in April of last year, initially served as the head of legal in the region before becoming the general manager for the country, according to a Wednesday (Oct. 18) Bloomberg report.
Prior to her tenure at Binance, Cabossioras held the position of deputy general counsel at France’s markets regulator, Autorité des Marchés Financiers. Her arrival at Binance coincided with the company’s announcement of establishing its European hub in Paris, indicating her importance in the expansion plans of the cryptocurrency exchange.
David Prinçay, the president of Binance France, expressed gratitude for Cabossioras’ contributions in a post on X, formerly Twitter. While Cabossioras confirmed her departure, she declined to provide further comments. A spokesperson from Binance also confirmed her exit to Bloomberg.
This resignation comes at a time when Binance is facing regulatory scrutiny in France. In June, French authorities initiated an investigation into Binance for alleged illegal provision of digital-asset services and acts of aggravated money laundering, Bloomberg reported. Consequently, Binance has encountered challenges with regulators in various European countries, resulting in service suspensions and regulatory application halts.
Cabossioras’ departure marks the fifth senior executive to leave Binance since July. The previous departures include the head of product, chief strategy officer, general counsel and Asia-Pacific boss.
These departures coincide with multiple lawsuits against Binance and its CEO, Changpeng Zhao, accusing the company of mishandling customer funds and misleading regulators, particularly in the United States.
France has emerged as a prominent hub for cryptocurrency activities, attracting international companies to establish their European bases in Paris. Last year, Binance, along with rival exchange Crypto.com and stablecoin operator Circle, chose France as their base. Binance had also announced plans to invest €100 million ($105 million) into France’s blockchain ecosystem and had created over 150 permanent positions in the country.