- Key executives leaving Binance has become a recurring theme for the exchange this year.
- Binance France’s Deputy CEO is the latest senior executive to leave.
- The regulatory pressure on Binance is showing no signs of slowing down.
In the latest blow, the Executive Director of Binance France has decided to step down, bidding farewell to the company precisely as rumors of its insolvency swirl. The pressure on Binance intensifies as its troubles show no signs of waning soon.
Binance See Another Key Exit
On October 18, Binance France’s Executive Director and Deputy CEO, Stéphanie Cabossioras, announced her shocking exit from the company, marking yet another senior executive to leave Binance’s ranks in what has become a recurring theme for the exchange this year.
Cabossioras, who joined Binance in 2022 as head of legal in the region, steered the exchange as its General Manager. Before her tenure with the exchange, she served as the Deputy General Counsel at France’s markets regulator, Autorité des Marchés Financiers.
The circumstances surrounding Cabossioras’ exit are inevitably intertwined with the tumultuous waters Binance has navigated in France. Earlier this year, the exchange was scrutinized by French authorities, who alleged the exchange facilitated money laundering and other illicit financial deeds.
Cabossioras now joins a growing list, becoming at least the fifth high-level executive to bid farewell to Binance since July. With the exchange facing troubles all over the world, including the Netherlands, the United Kingdom, and the United States, market participants and peers are concerned about the exchange’s dwindling empire.
On the Flipside
- While Binance has been under intense scrutiny in major European markets, an executive recently shared that the crypto exchange is at least 90% ready for a MiCA license.
- Binance.US claimed that recent layoffs gave the exchange a seven-year runway.
- Binance.US recently effectively blocked customers from withdrawing USD funds deposited into the platform, fueling insolvency concerns.
Why This Matters
Exits from key internal figures from the world’s leading exchange is a troubling development that inevitably raises red flags about Binance and its future.
Catch up on Charles Hoskinson’s feud with XRP:
Cardano’s Hoskinson Rattles XRP Hive with ETHGate Memes
Read more about the increase in the Bitcoin Whale population:
Bitcoin Whale Wallets Pass 2019 All-Time High