Latest Departure: Binance UK Chief Resigns Amid Regulatory Pressure
- Jonathan Farnell, former UK chief of Binance, has resigned from his position at Bifinity, marking another departure from the company.
- Binance is facing regulatory pressure in the US and UK, leading to the suspension of accepting new customers in the UK.
Jonathan Farnell, a Binance UK Chief Resigned, adding to a series of executive departures. Farnell played a central role in Binance’s UK regulation efforts. Binance faces mounting regulatory pressure in the US and the UK.
Jonathan Farnell, the former UK chief of Binance, has resigned from his position as a compliance specialist at Bifinity, a subsidiary of Binance. This departure adds to a series of executive exits from the company.
Binance UK Chief Resignation and Career History
Farnell’s resignation from Binance Markets Limited is indicated by UK corporate filings and his LinkedIn profile, suggesting that he stepped down in late September. Prior to this, he had already left a senior compliance role at Binance Europe in June.
Binance has been facing increasing regulatory scrutiny in both the United States and the UK. The Financial Conduct Authority’s crackdown on crypto advertising, which started in early October, led Binance to halt accepting new customers in the UK. Farnell played a significant role in Binance’s efforts to achieve regulatory compliance in the UK, having joined the crypto exchange in 2021 from eToro.
Role at Bifinity and FCA Intervention
In March 2022, Farnell became the CEO of Bifinity, a payments subsidiary launched by Binance. He also remained a director of Binance Markets Limited. Bifinity was involved in a transaction aimed at Binance’s acquisition of Eqonex, the parent company of Digivault. However, the FCA intervened, expressing concerns about Binance’s UK arm and issuing a statement regarding the deal.
Farnell’s resignation follows a series of executive departures from Binance. Gleb Kostarev, the regional head for Eastern Europe, Commonwealth of Independent States, Turkey, Australia, and New Zealand, as well as Vladimir Smerkis, the general manager for the CIS region, announced their resignations in September.
Notable departures since the summer include Leon Foong, Patrick Hillman, and Han Ng, who held positions of head of Asia Pacific, chief strategy officer, and general counsel, respectively.
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