Binance France director resigns, adding to list of exits from crypto exchange

Stéphanie Cabossioras has stepped down from her role as the executive director of Binance France, becoming at least the 10th senior executive to leave Binance this year.

In an Oct. 19 post on X (formerly known as Twitter), Binance France President David Prinçay confirmed Cabossioras’ departure and expressed his gratitude for her work at the exchange.

Nous remercions Stéphanie pour sa forte contribution à Binance France et lui souhaitons le meilleur pour son prochain défi.

— David Prinçay (@davidprincay) October 18, 2023

“We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge,” wrote Prinçay.

Cabossioras first joined Binance in April 2022, acting as head of legal at the French arm of the crypto exchange, before being promoted to Executive Director in November the same year.

A spokesperson from Binance told Cointelegraph that its French-based operations continue to grow and that Cabossioras’ departure had “no impact on its operations.”

Before joining the crypto exchange, Cabossioras was the General Counsel at Autorité des marchés financiers, the organization responsible for much of the financial regulation in the Canadian province of Quebec.

Binance’s France arm fell under local investigation in June, with the Paris Prosecutor’s Office citing “acts of aggravated money laundering” among a litany of other charges as the basis for the investigation.

With her departure, Cabossioras adds her name to a roster of at least 10 senior executives to leave Binance over the course of this year alone.

On July 6, three executives announced their respective departures, including; chief strategy officer Patrick Hilman, general counsel Han Ng and Steve Milton, Binance’s global vice president of marketing and communications.

Binance CEO Changpeng “CZ” Zhao addressed these departures on July 7, describing them as normal parts of his company’s evolution, while dismissing reports on them as FUD, an acronym that stands for; “fear, uncertainty and doubt.”

4. More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong.

As an organization that has grown from 30 to 8000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months…

— CZ Binance (@cz_binance) July 6, 2023

Binance’s legal woes have only worsened following a number of high profile lawsuits made against it by regulators in the United States. In March, the Commodities Futures Trading Commission sued Binance, CZ and their affiliates for an series of alleged trading violations.

In June, the Securities and Exchange Commission launched legal proceedings of their own, suing CZ, Binance, and its affiliates for allegedly operating as unregistered securities broker, among other charges.

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