The departure of Stéphanie Cabossioras, Managing Director of Binance France, adds to the uncertainty surrounding the cryptocurrency giant. As Binance slows its expansion in Europe due to regulation and pending MiCA regulation, key staff departures have been piling up around the world for the crypto platform in recent months
Departure of Binance France’s General Manager
Here’s news that won’t calm the doubts hovering around the Binance giant: Stéphanie Cabossioras, General Manager of Binance France, has just left her post.
At a time when the exchange is gradually slowing down its development in Europe (to prevent MiCA regulation, we’re told) and, more generally, around the world, staff departures in key positions have been occurring for several months. And this at a time when the exchange is finding itself in increasing difficulty in the face of various regulators and regulations.
After spending 5 years with the Autorité des marchés financiers (AMF), including more than 2 years as deputy director of legal affairs, Stéphanie Cabossioras joined Binance in April 2022 as legal director. She was promoted to General Manager in November 2022. She will have remained in this position for less than a year.
The reasons for her departure are currently unknown, and Stéphanie Cabossioras has not communicated on the subject.
David Prinçay, President of Binance France, soberly thanked Stéphanie Cabossioras for her 2 years with Binance, and wished her all the best for the future :
We thank Stéphanie for her strong contribution to Binance France and wish her all the best for her next challenge.
– David Prinçay (@davidprincay) October 18, 2023
Although Changpeng Zhao, the platform’s CEO, continues to dismiss the accusations and doubts out of hand, with his now inescapable “4”, a growing number of users, particularly French-speaking ones, are beginning to worry. In a coincidence of timing, the crypto exchange is at the heart of the storm at the same time as we are witnessing the trial of Sam Bankman-Fried, CEO of FTX, once recognized as the only platform able to rival Binance.
We recently learned that Binance’s American customers, who depend on its local subsidiary, were unable to withdraw fiat currency from the exchange. Binance has invited them to transfer their dollars into stablecoins so that they can withdraw their money. At the same time, Binance announced that it would no longer be taking on new customers in the UK until it found a new local partner in order to comply with Financial Conduct Authority (FCA) rules.