Binance France director quits, marking 10th high-profile exit
Stéphanie Cabossioras has resigned from her position as the executive director of Binance France. This resignation marks her as at least the 10th senior executive to leave Binance within the year.
Cabossioras’ tenure at Binance started in April 2022 when she took on the role of head of legal for the French division of the cryptocurrency exchange. By November, she was promoted to the role of executive director.
Prior to landing at Binance, Cabossioras held the position of general counsel at Autorité des Marchés Financiers, a key financial regulatory body in Quebec, Canada.
A spokesperson for Binance confirmed that despite Cabossioras’ departure, the company’s French operations continue to grow unabated. The exit was stated to have “no impact on its operations.”
Several other key figures parted ways with the world’s largest digital asset ecosystem. In July, three executives, namely Patrick Hilman (chief strategy officer), Han Ng (general counsel), and Steve Milton (global vice president of marketing and communications), announced their exits. At the time, Binance’s CEO, Changpeng “CZ” Zhao, addressed these departures, describing them as a typical part of the company’s growth cycle. He downplayed the media reports regarding these departures as FUD.
Binance France released its first audited financial statements earlier this year, which that the business holds around €1 billion in client crypto assets and retains 7 million USDT on its own account.
However, Binance France recorded a €4 million loss in 2022. The exchange attributes this apparent setback primarily to accounting considerations, namely the results cover 14 months of expenses but only six months of revenue.
Binance France was permitted to launch operations as a regulated entity only after it secured approval from the French financial regulator, the Autorité des marchés financiers (AMF), in July 2022. Consequently, Binance France began receiving revenues midway through the financial year. Trading fees made up the lion’s share of Binance France’s revenue stream, the report shows.
Looking ahead, Binance France is anticipating a transition to profitability in 2023, with a combined 12 months of income and expenses. The company remains optimistic about its growth prospects and its commitment to compliance with local regulatory and legal requirements.
The decision to release audited financial statements is part of Binance France’s regulatory requirements, which include providing its users with a comprehensive understanding of its financial operations and assets in custody.
The financial statements were audited by RSM Paris, the world’s 6th largest audit, consulting and accounting network, which is present in over 120 countries.
Binance’s operations in France are under investigation by the country’s regulators under the jurisdiction of the specialized interregional jurisdiction of Paris (JIRS). French prosecutors have opened a probe into operating its crypto business before it received regulatory approval in 2022, as well as implementing poor money laundering checks.
