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Binance, the world’s largest cryptocurrency exchange, continues to grapple with executive departures as global regulatory scrutiny tightens its grip. Two more high-level executives have left their posts in the United Kingdom and France, marking the latest in a series of departures that have unfolded across Binance’s global operations throughout the year.
Binance U.K. and Bifinity’s Top Executive Steps Down
Jonathan Farnell, who initially headed Binance’s operations in the United Kingdom and later assumed the role of Chief Executive at Bifinity, a subsidiary of the crypto giant, departed the company in late September, as reported this week. Farnell had spent nearly two and a half years at Binance, and his tenure was marked by a focus on compliance, drawing upon his prior senior positions at social trading company Etoro. He played a key role in Binance’s efforts to align with regulatory requirements in the United Kingdom.
This departure unfolds against the backdrop of the United Kingdom’s Financial Conduct Authority (FCA) working to introduce stricter regulations for the advertising of cryptocurrency assets to the public. These measures, announced in June, encompass prohibitions on practices like “refer a friend” bonuses.
Binance’s U.K. unit, Binance Markets Limited, had earlier sought to have its regulatory authorization from the FCA canceled, and it took similar steps in various European markets, including the Netherlands, Cyprus, and Germany. This strategic move was part of a broader effort to streamline its focus on fewer regulated entities in Europe.
However, in early October, Binance announced a partnership with Rebuildingsociety.com, an FCA-authorized platform tasked with reviewing Binance’s marketing materials. Subsequently, Binance temporarily ceased accepting new users, following an FCA directive instructing its partner to retract approvals of financial promotions on behalf of cryptocurrency businesses.
Managing Director of Binance France Resigns
In a separate development, the Managing Director of Binance France, Stéphanie Cabossioras, also stepped down from her role. She had joined Binance as the head of legal in April 2022, around the time when Binance had revealed Paris as its choice for a European hub.
Both Cabossioras and a Binance spokesperson have confirmed her resignation, according to Bloomberg’s report. David Prinçay, the President of Binance France, extended his gratitude for her contributions in a post on X (formerly Twitter).
Before joining Binance, Cabossioras had served as the Deputy General Counsel at France’s financial regulator, Autorité des Marchés Financiers (AMF). In June, French authorities initiated an investigation into Binance for alleged money laundering and regulatory violations.
The resignations of Jonathan Farnell and Stéphanie Cabossioras further compound the ongoing wave of executive departures at Binance throughout the year. Notable figures who have previously left the company include Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, Binance’s General Counsel Hon Ng, Leon Foong, who oversaw the crypto giant’s Asia-Pacific operations, and Product Lead Mayur Kamat. The exodus also extended to Binance‘s management in Eastern Europe and Russia, with Gleb Kostarev and Vladimir Smerkis departing, as well as the CEO of Binance US, Brian Shroder. These departures reflect the evolving landscape facing Binance as it navigates a complex web of regulatory challenges worldwide.
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