Binance France Director Exits in Latest Senior Departure at Crypto Exchange

Emily Nicolle, Bloomberg News

The Binance logo on a laptop arranged in the Brooklyn borough of New York, US, on Wednesday, June 7, 2023. The list of digital tokens deemed as unregistered securities by the Securities and Exchange Commission now spans over $120 billion of crypto after the US agencys lawsuits against Binance Holdings Ltd. and Coinbase Global Inc. Photographer: Gabby Jones/Bloomberg , Bloomberg

(Bloomberg) -- Binance’s Stéphanie Cabossioras has stepped down from her position as managing director at the crypto exchange’s French unit, adding her name to the list of senior leaders to have departed the company this year.

Cabossioras, who joined Binance in April last year as head of legal in the region, acted as the firm’s general manager in the country. She was previously deputy general counsel at France’s markets regulator Autorité des Marchés Financiers, arriving at Binance when the company announced it was establishing its European hub in Paris.

“We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge,” said David Prinçay, president of Binance France, in a post on the social media platform X.

Cabossioras confirmed her departure but declined to comment further. A Binance spokesperson also confirmed her exit.

Binance was put under investigation by French authorities in June for the alleged illegal provision of digital-asset services and acts of aggravated money laundering. The exchange has departed, halted regulatory applications and suspended some services in a number of European countries in recent months after experiencing difficulty with watchdogs, including in the Netherlands, Belgium, the UK and Germany.

Read more: Binance Probed by France for Alleged Illegal Practices

Cabossioras is at least the fifth senior executive to leave Binance since July, following the exits of the firm’s head of product, chief strategy officer, general counsel and Asia-Pacific boss. The departures come in the wake of several major lawsuits against the company and its chief executive Changpeng Zhao, including in the US where it stands accused of allegedly mishandling customer funds and misleading regulators.

France became a hotbed for crypto activity after a number of international companies landed on Paris when choosing a European base last year, including rival exchange Crypto.com and stablecoin operator Circle.

Read more: Macron’s ‘Startup Nation’ Becomes a Haven for Battered Crypto

Binance added more than 150 permanent positions in France over the past year, Princay said in April. The exchange previously announced it would make a 100-million-euro ($105 million) investment into the nation’s blockchain ecosystem.

--With assistance from Muyao Shen.

(Updates to clarify regulatory actions in the fifth paragraph.)