Binance loses two more top execs in UK and France
Binance, the world’s largest cryptocurrency exchange, has lost two top executives in the U.K and France over the past month, adding to a series of executive departures across its global operations amid increased regulatory scrutiny.
See related article: Binance Japan — death knell or savior for the nation’s smaller crypto exchanges?
Fast Facts
- It has now emerged that Jonathan Farnell, who oversaw Binance’s U.K. operations and later served as CEO of Bitfinity, a subsidiary of Binance, left the company in late September.
- Farnell has a compliance background and was involved in Binance’s efforts to meet regulatory requirements in the U.K.
- The departure arrived soon after the U.K. Financial Conduct Authority (FCA) imposed stricter rules on crypto asset advertising as part of the so-called ‘Travel Rule,’ which came into effect from Sept. 1.
- Binance announced Oct. 16 it will no longer accept new customers in the U.K. in compliance with the new regulations.
- Bloomberg reported last week that Stéphanie Cabossioras, general manager of Binance France, also resigned amid escalating legal issues for the exchange in France.
- French authorities allege that Binance engaged in the illegal provision of digital asset services and money laundering.
- The departures of Farnell and Cabossioras are the latest in a series of executive exits at Binance this year.
- Other departures include Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie and more across various regions.
See related article – Binance: One year on from FTX’s downfall
