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.
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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.
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