Binance France has seen another change in its leadership as Stéphanie Cabossioras stepped down from her position as the executive director. Her departure marks yet another senior executive leaving Binance this year, adding to the series of leadership transitions within the cryptocurrency exchange.

Binance France Experiences Leadership Change

David Prinçay, the president of Binance France, confirmed Cabossioras' resignation in a recent post on the social platform X (formerly known as Twitter). Prinçay expressed his gratitude for Cabossioras' contributions to Binance France and wished her the best in her future endeavors.

Cabossioras initially joined Binance in April 2022, serving as the head of legal at the French branch of the cryptocurrency exchange. In November of the same year, she was promoted to the position of executive director.

Her background includes experience as the general counsel at Autorité des Marchés Financiers, the organization responsible for financial regulation in the Canadian province of Quebec.

Despite the leadership change, a spokesperson from Binance reassured that the operations of the company's French-based branch remain unaffected, emphasizing that Cabossioras' departure has had no impact on its operations.

Binance’s Stéphanie Cabossioras has stepped down from her position as managing director at the crypto exchange’s French unit, adding to the list of senior executive departures this year https://t.co/Vi9iDhnvwC

— Bloomberg Crypto (@crypto) October 18, 2023

Binance's Response to Leadership Changes and Legal Challenges

The departure of Cabossioras adds her name to a growing list of senior executives who have left Binance throughout the year. Notably, in July, three other executives, including chief strategy officer Patrick Hilman, general counsel Han Ng, and Binance's global vice president of marketing and communications, Steve Milton, announced their departures.

Binance CEO Changpeng "CZ" Zhao addressed these changes in leadership, describing them as part of the company's natural evolution. He dismissed reports on these departures as FUD, which stands for "fear, uncertainty, and doubt."

Binance has been facing increasing legal challenges, especially in the United States, where regulators have launched lawsuits against the exchange and its affiliates. In March, the Commodities Futures Trading Commission (CFTC) sued CZ, Binance, and its affiliates for alleged trading violations.

In June, the US Securities and Exchange Commission (SEC) initiated legal proceedings against CZ, Binance, and its affiliates, accusing them of operating as an unregistered securities broker, among other charges. These legal troubles have added to the challenges faced by the cryptocurrency exchange in the increasingly regulated cryptocurrency industry.