Amid the continued global regulatory troubles that the world’s largest crypto exchange by trading volume Binance is facing, its French section managing director, Stephanie Cabossiora announces her resignation.
Recently, Binance has been battling with increasing global regulatory troubles.
Moreover, in Europe, the world’s largest cryptocurrency exchange by trading volume also faced regulatory crackdowns in Germany, Belgium, and the Netherlands.
This resulted in its service suspension as well as the withdrawal of its regulatory applications.
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Also, Binance limited new registrations within the United Kingdom to comply with the new standard set by the FCA (Financial Conduct Authority).
However, Binance is experiencing another huge blow as its French unit managing director handed in her resignation which makes it the 5th executive exit from the crypto exchange.
Fast Facts
- While Binance is grappling with the ever-increasing regulatory hurdles, up to 5 of its top executives are handing in their resignation.
- This latest massive exodus by the Binance Executives aligns with the disclosures of the bankrupt FTX founder Sam Bankman-Fried who said that he wishes Binance’s crackdown by the watchdogs.
- Even though the French branch of Binance’s managing director Stephanie Cabossioras resigned, the president of Binance in France still appreciated her contributions to the firm.
- The ex-managing director of the Binance French unit joined the crypto exchange in April last year and worked as the Deputy General Counsel at the French markets regulator known as Autorite des Marches Financiers.
- Unfortunately, just a year after she joined the crypto exchange, Binance experienced mounting regulatory challenges in France.
- Even, last June, there were reports that the French government was conducting an investigation on Binance allegedly for illegal advertising and lax money laundering prevention measures in France.
What’s Happening In Cryptos Today?
As of the time of this writing, Bitcoin is changing hands at $28,339.05, with a decline in market cap by 0.60% and a decline in trading volume by 27.46%.
On the side of Ethereum, its price at the moment is at $1,552.57, with a decrease in market cap by 1.28% and a decrease in trading volume by 11.68%.
- On the other hand, Tether USDT is right now selling at the price of $1.00, with a slight increase in market cap by 0.14% and a drop in volume by 16.10%.
- Meanwhile, BNB is right at this moment changing hands at $210.14 while recording a drop in market cap by 1.21% and a drop also in trading volume by 25.79%.
- As for XRP, right now, it sells at $0.4802 while recording a slight decrease in market cap by 1.91% and an increase in trading volume by 4.11%.
