The regulatory burden on the biggest exchange in the world is growing.
Adding to a left of senior departures throughout its worldwide operations in the face of growing regulatory scrutiny, Binance, the world’s biggest cryptocurrency exchange, has lost two top executives in the United Kingdom and France during the last month.
Jonathan Farnell, who supervised Binance’s U.K. operations and subsequently served as CEO of Binance subsidiary Bitfinity, departed the firm at the end of September.
Farnell has experience in compliance and has helped Binance comply with UK regulations. As part of the so-called “Travel Rule,” implemented by the U.K. Financial Conduct Authority (FCA) on September 1, additional regulations were placed on the promotion of crypto assets.
On October 16th, Binance made public its decision to stop taking new clients from the United Kingdom in light of the new laws.
Binance France general manager Stéphanie Cabossioras reportedly quit last week as legal troubles for the exchange mounted in France, as reported by Bloomberg.
Binance has been accused by French authorities of providing digital asset services and money laundering illegally.
Farnell and Cabossioras are the most recent high-level executives to leave Binance this year. Patrick Hillmann, chief strategy officer, and Steven Christie, senior vice president of compliance, are among the others who have left across a number of areas.
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