Director of Binance’s French Unit Resigns Amidst Global Regulatory Challenges

In a recent development, Stéphanie Cabossioras has resigned as the Managing Director of Binance’s French unit, marking the latest departure in a series of high-profile exits from the cryptocurrency exchange. This resignation adds to the list of departures that includes the Head of Product, Chief Strategy Officer, General Counsel, and Asia-Pacific Leader. David Prinçay, President of Binance France, acknowledged her contributions during this challenging time.

Binance is facing increasing regulatory challenges across the globe. In Europe, the company has encountered various regulatory issues in the Netherlands, Belgium, and Germany, which have resulted in service suspensions and the withdrawal of regulatory applications. Additionally, the exchange has implemented restrictions on new registrations in the UK to comply with new guidelines from the Financial Conduct Authority (FCA).

The partnership with a specific company has also attracted FCA scrutiny due to authorization issues related to cryptocurrency advertisements. Authorities in France have launched an investigation into Binance over allegations of offering unauthorized digital-asset services and potential involvement in money laundering.

In the United States, Binance and its CEO Changpeng Zhao have been accused of mismanaging customer funds and engaging in deceptive regulatory practices. Furthermore, Binance.US recently halted dollar withdrawals after it was revealed that customer deposits were not insured by the Federal Deposit Insurance Corporation (FDIC). Following enforcement actions from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), Binance.US has seen its market share drop to below 1%.

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