- Jo Johnson resigned from his role at Binance’s UK advisory board.
- UK has remained a volatile space for the exchange due to its lack of transparency.
The rising concerns surrounding Binance led to a high-profile exit from the world’s largest crypto exchange. Jo Johnson, the brother of former United Kingdom Prime Minister Boris Johnson, stepped down from his role at Binance’s UK advisory board.
Lord Johnson exits Bifinity
Jo Johnson, or Lord Johnson of Marylebone, previously served as the Minister of State for Universities, Science, Research, and Innovation under his brother when the latter was the Prime Minister. In September, he took on the role of an advisor to Bifinity, a subsidiary of Binance that operates in the payments space.
According to a report published by The Telegraph, growing pressure over the exchange’s finances spurred his decision. The newspaper quoted Johnson as saying:
“I stepped down from the advisory board last week and have no role with it [or] any related entity.”
A spokesperson from Binance further stated:
“Lord Johnson has recently taken on the role of executive chairman of FutureLearn. He will be focusing on his new role within the digital learning platform and is looking to scale back other activities.”
Interestingly, Bifinity was co-founded by Binance in March 2022, alongside Ed Vaizey, a former Minister of State for Culture and the Digital Economy. Lord Vaizey was also a member of Binance’s global advisory board.
Binance struggles to enter the UK market
The high-profile exit came at a time when the popular exchange was facing concerns over its finances, particularly its Proof-of-Reserve. UK regulators in the nation took issue with Binance’s lack of transparency. This resulted in the exchange having a falling out with the Financial Conduct Authority in December 2021.
Roping in former government ministers and several other efforts to please regulators and politicians in the country proved futile for Binance. Market watchdogs in the country have issued three separate warnings about the exchange’s activities.
Binance was in the news last week after Mazars, a Paris-based accounting firm that conducted the exchange’s audit, announced that it was shutting down its crypto-facing services. Reports of possible money laundering violations by the United States Department of Justice have made matters worse for Binance and its executives.