Stéphanie Cabossioras, the former executive director of Binance France, has recently stepped down from her position, marking another high-level departure from the cryptocurrency exchange. This year alone, at least 10 senior executives have left Binance. David Prinçay, a resident of Binance France, confirmed Cabossioras’ departure and expressed his gratitude for her contributions to the exchange.
In a tweet on October 18, Prinçay wrote, “We thank Stéphanie for her strong contribution to Binance France and wish her the best for her next challenge.” Cabossioras had initially joined Binance in April 2022 as the head of legal for its French division. Then, in November of the same year, she was promoted to the role of executive director.
Binance assured that Cabossioras’ departure would have no impact on its operations, stating that its French-based operations continue to grow. Prior to her time at Binance, Cabossioras served as the general counsel at Autorité des Marchés Financiers, the organization responsible for financial regulation in the Canadian province of Quebec.
It is worth noting that Binance’s France arm has been under investigation since June by the Paris Prosecutor’s Office. The investigation was initiated due to allegations of “acts of aggravated money laundering” and other charges. With her departure, Cabossioras joins the growing list of senior executives who have left Binance in 2023.
On July 6, three other executives had announced their departures from the company. These individuals included chief strategy officer Patrick Hilman, general counsel Han Ng, and Binance’s global vice president of marketing and communications, Steve Milton. Binance’s CEO, Changpeng “CZ” Zhao, addressed these departures and dismissed reports about them as “fear, uncertainty, and doubt” (FUD), describing them as normal parts of the company’s evolution.
Apart from the high-level executive departures, Binance has been facing legal challenges from regulators in the United States. In March, the Commodities Futures Trading Commission sued CZ, Binance, and its affiliates over alleged trading violations. Later, in June, the U.S. Securities and Exchange Commission filed a lawsuit against CZ, Binance, and its affiliates, accusing them of operating as an unregistered securities broker and other related charges.
These legal issues have further complicated Binance’s position in the industry, as it continues to face regulatory scrutiny. Despite the challenges, Binance remains one of the largest cryptocurrency exchanges globally, with a significant presence in various markets. The departure of senior executives, including Cabossioras, highlights the ongoing changes and evolution within the company as it navigates the complex landscape of the crypto industry.