Yello Paradisers! Stéphanie Cabossioras, the Managing Director of Binance France, has announced her resignation, marking the latest in a series of executive exits from the global leadership of the renowned cryptocurrency exchange.

📰Cabossioras’s Journey with Binance

Joining Binance France in April 2022 as the Head of Legal, Cabossioras quickly rose to the position of Managing Director. Her tenure coincided with Binance’s strategic move to establish Paris as its European hub. Prior to her stint at Binance, she served as the Deputy General Counsel at France’s market regulator, Autorité des Marchés Financiers.

📰Challenges for Binance in France

David Prinçay, President of Binance France, acknowledged Cabossioras’s significant contributions to the company. However, her departure comes at a challenging time for Binance in the French market. The recent end of Binance’s collaboration with Paysafe, which managed euro transactions, has left the exchange scouting for a new banking ally in France. Additionally, Binance has been under the regulatory microscope, facing allegations of not adhering to Anti-Money Laundering (AML) standards and lax Know Your Customer (KYC) procedures.

📰A Trend of Executive Exits

Cabossioras is not the only executive to leave Binance in recent times. The company has seen a spate of departures, including Global Head of Product Mayur Kamat, Chief Strategy Officer Patrick Hillmann, and General Counsel Hon Ng. These exits have been shadowed by regulatory challenges, most notably from the United States Securities and Exchange Commission (SEC).

📰Binance’s Global Retreat

On a broader scale, Binance has been retracting its operations from several countries, including Russia, the UK, the Netherlands, and Cyprus, indicating a shift in its global strategy.