- 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.
Binance continues to navigate choppy waters, weathering a storm fueled by lawsuits, executive exits, and retreats from major markets.
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 appears to intensify as its troubles show no signs of waning any time 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 that Binance has been navigating in France. Earlier this year, the exchange found itself under the scrutiny of 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 concerns of insolvency.
Why This Matters
Exits from key internal figures from the world’s leading exchange is a troubling development, one that inevitably raises red flags about Binance and its future.
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Source link: https://dailycoin.com/binance-france-director-bids-adieu/
