Jo Johnson Resigned As Bifinity Adviser, Binance Subsidiary Firm

According to The Telegraph, Joseph Edmund Johnson, the brother of former UK Prime Minister Boris Johnson, quit his advising position with a Binance subsidiary firm Bifinity.

Joseph Johnson served as an adviser to Bifinity, a payment technology business developed by Binance and debuted in March of this year. He had been in that role since September but resigned last week owing to Binance’s rising transparency expectations, according to the Telegraph.

Lord Johnson’s resignation comes amid growing anxiety about cryptocurrency in the aftermath of the fall of FTX, the second-largest exchange after Binance. As competing exchanges try to reassure consumers, the fall has sent shockwaves across the bitcoin sector.

Binance was barred from conducting financial services in the United Kingdom by regulators in June 2021. The Financial Conduct Authority, the UK’s financial watchdog, said that the business lacked the necessary permission to provide regulated services in the country.

As Coincu reported on December 15, Binance CEO Changpeng Zhao has defended the company’s finances by declaring the firm has “assets to convert” and maintains no debts or obligations.

We have the assets to convert,” Zhao said. “There’s no margin, there’s no leverage, we just needed the banks to open. When banks are closed and you try to withdraw money it doesn’t work.

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