Stéphanie Cabossioras Departs as Executive Director of Binance France Amid Legal Challenges
Summary:
Stéphanie Cabossioras has resigned as the executive director of Binance France, marking the 10th senior official to leave Binance this year. Binance France's President David Prinçay thanked her for her contributions. Prior to her exit, the French division of Binance was under local investigation for "aggravated money laundering" among other charges. This follows escalating legal issues for Binance, facing lawsuits from US regulators for alleged trading violations and operating as an unregistered securities broker.
Stéphanie Cabossioras has left her position as executive director of Binance France, becoming the tenth senior official from Binance to depart this year. Binance France's President David Prinçay acknowledged this in a post on X (formerly Twitter) on October 19th, and showed appreciation for Cabossioras' contributions towards the exchange. As Prinçay put it, "We express gratitude to Stéphanie for her substantial input towards Binance France and extend our best wishes in her future endeavours."
Cabossioras began her tenure at Binance in April 2022, serving initially as the head of legal at the French branch of the crypto exchange, and later being elevated to the executive director position in November of the same year. Prior to Binance, she held the position of General Counsel at Autorité des marchés financiers, a regulatory authority in Quebec, Canada. Unfortunately, Binance did not provide a comment on Cabossioras' departure when contacted by Cointelegraph.
Binance's French division came under local investigation in June on the grounds of "aggravated money laundering" among other offences, as per the Paris Prosecutor's Office. Cabossioras is now the latest amongst a list of at least 10 top executives who left Binance this year. On July 6, three top officials, including chief strategy officer Patrick Hilman, general counsel Han Ng, and Steve Milton, the global vice president of marketing and communications at Binance announced their exit from the firm.
CEO of Binance, Changpeng "CZ" Zhao, responded to these departures on July 7, relegating them as a natural process in the evolution of the company while repelling any negative speculation on the matter.
Binance's legal problems have escalated due to various lawsuits filed against it by US regulators. In March, the Commodities Futures Trading Commission levied a case against Binance, CZ and their associates over alleged trading violations. Following this, in June, the Securities and Exchange Commission initiated legal action against CZ, Binance, and its affiliates on allegations of operating as an unregistered securities dealer, among other accusations.
Published At
10/19/2023 5:52:43 AM
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