Stéphanie Cabossioras, the managing director of Binance’s French unit, has stepped down from her position, marking another departure of senior leaders at the cryptocurrency exchange this year. 

Cabossioras, who initially joined Binance as the head of legal for the region and later assumed the role of general manager in France, had been an integral part of the company’s European operations. Her departure was confirmed by a Binance spokesperson.

Binance has been under scrutiny by French authorities since June for alleged illegal digital-asset services and money laundering activities. This investigation is part of the company’s ongoing struggles with regulators, resulting in its exit from several European countries, including the Netherlands, Belgium, the UK, and Germany.

Cabossioras becomes the fifth senior executive to leave Binance since July, following the departures of the head of product, chief strategy officer, general counsel, and Asia-Pacific boss. 

These departures come amid multiple lawsuits against Binance and its CEO Changpeng Zhao, including allegations of mishandling customer funds and misleading regulators in the United States.

In June, when reports surfaced that the exchange was being investigated over allegations of illegal advertising and lax money laundering prevention measures, CZ shrugged them off as “rumors” to spread FUD.

Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.