Another two executive departures, in the United Kingdom and France, have extended a string of managerial exits at Binance this year. They come as the leading cryptocurrency exchange faces continued regulatory pressure in a number of jurisdictions in Europe and beyond.
Binance U.K., Bifinity Top Executive Quits Job
Jonathan Farnell, who was at the helm of Binance’s operations in the U.K. and later served as a chief executive of the payments technology firm Bifinity, a subsidiary of the crypto behemoth, has left the company in late September, media reports unveiled this week.
According to his Linkedin account, Farnell spent almost two and a half years at Binance. With his background in compliance, including senior positions at social trading company Etoro, he was engaged in Binance’s efforts to meet regulatory requirements in Britain.
The news of his departure comes as the U.K.’s Financial Conduct Authority (FCA) is working to impose stricter rules for the advertising of crypto assets to the public. The restrictive measures, announced in June, include a ban on “refer a friend” bonuses, for example.
Earlier this year, Binance’s U.K. unit, Binance Markets Limited, initially asked the FCA to cancel its regulatory authorization which was approved by the financial regulator. It made similar moves in other European markets, including the Netherlands, Cyprus and Germany, as part of stated efforts to focus on fewer regulated entities on the Old Continent.
Then, in early October, Binance announced a partnership with an FCA-authorized platform, Rebuildingsociety.com, which was supposed to review its marketing materials. However, days later the exchange stopped accepting new users after the FCA ordered its partner to withdraw any approvals of financial promotions on behalf of crypto businesses.
Binance’s Managing Director in France Resigns
Last week, the Managing Director Binance France, Stéphanie Cabossioras, also vacated her position. She joined the exchange as head of legal in April 2022 when Binance unveiled it had chosen Paris for its European hub.
Cabossioras and a Binance spokesperson have confirmed her departure, according to a report by Bloomberg, while the President of Binance France, David Prinçay, thanked her for her contribution in a post on X, formerly Twitter.
Prior to accepting a role at the exchange, Cabossioras served as deputy general counsel at France’s financial regulator, Autorité des Marchés Financiers (AMF). In June, French authorities targeted Binance with a probe for alleged money laundering and regulatory violations.
The resignations of Farnell and Cabossioras add to a series of executive exits at this year, including Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, Binance’s General Counsel Hon Ng, Leon Foong, who ran the crypto giant’s Asia-Pacific business, and Product Lead Mayur Kamat. Binance’s managers for Eastern Europe and Russia, Gleb Kostarev and Vladimir Smerkis, also quit the exchange as well as the CEO of Binance US, Brian Shroder.
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