French Binance Executive Director Resigns Amid Regulatory Pressure

Binance crypto exchange. (Photo; Doc. Chainbulletin)

JAKARTA - Stéphanie Cabossioras, the Executive Director of French Binance, has resigned from office. French branch of Binance, one of the largest cryptocurrency exchanges in the world, has now lost its leader. His departure adds to the long list of Binance executives stepping down amid growing regulatory pressures.

Cabossioras, who was appointed leader of France's Binance in April 2022, played an important role in Binance's expansion of the French market. However, his term ended sooner than expected.

The resignation of Jobossiora adds to the list of senior Binance executives who have left the company so far this year. At least five executives left the company in July, followed by another in August and another four in September. This series of resignations has sparked concerns about the company's stability, especially amid current regulatory challenges.

Changpeng Zhao (CZ), CEO of Binance, tried to quell concerns by stating that resignations are common in fast-growing companies. However, the departure of senior executives in a short time has sparked questions, especially as Binance is currently facing regulatory challenges and investigations in various parts of the world.

Legal Issues Increase

Binance, including its branches in France, is currently being investigated by the Paris Prosecutor's Office regarding allegations of money laundering and other illegal activities. The resignation of Jobossioras comes as this investigation continues.

The increase in regulatory pressure marked by executive resignations such as Cabossioras shows the challenges faced by Binance and the crypto industry in general. In the midst of increased scrutiny from US authorities, the European Union, and others, crypto companies must adapt. Binance's free startup culture may no longer be in accordance with future close supervision.

France Remains The Main Goal

Despite facing legal challenges, Binance remains active and continues to develop its products. The company even plans to set up a European headquarters in France. This country has become a destination for crypto companies that want to operate in the European Union.

France has become an important center for crypto and blockchain activity. Many large companies in the crypto industry have chosen Paris as their operational base in Europe to take advantage of a conducive environment, strong infrastructure, and access to the European Union market. Binance itself has invested heavily in France with an investment plan of 100 million (IDR 1.6 trillion) for the French blockchain ecosystem and created new jobs.

With clear regulations and its strategic position, France remains an attractive destination for global crypto companies looking to expand their operations in Europe. With more and more companies establishing their European headquarters in Paris, France further strengthens its position as a center for cryptocurrency innovation and adoption.