Binance UK Director Resigns Amidst Regulatory Scrutiny
Jonathan Farnell, the former Managing Director of Binance in the United Kingdom, has announced his resignation. This decision comes as the platform grapples with escalating legal scrutiny in both the United States and the United Kingdom, with the Financial Conduct Authority (FCA) imposing stricter regulations on cryptocurrency advertising and trading in the UK.
According to documents from the UK exchange and Farnell’s LinkedIn profile, he officially stepped down from his role at Binance Markets Limited at the end of September. Furthermore, Farnell had already relinquished his position as Senior Compliance Director at Binance Europe back in June.
“We want to extend our gratitude to Jonathan for his invaluable contributions. We wish him the best in his new endeavors,” a representative of Binance in the UK stated.
Farnell’s departure has raised eyebrows, especially considering his significant role within Binance’s leadership team in ensuring regulatory compliance and obtaining licensing in the UK. Farnell initially joined Binance in 2021, starting in the compliance department before being promoted to head the company’s UK operations.
In March 2022, he assumed the role of CEO of Bifinity, a payment platform launched by Binance. Simultaneously, he held positions at both Binance and Bifinity. The company had previously attempted to acquire Eqonex, the parent company of Digivault, in a bid to secure a license for Binance in the UK. However, this acquisition led to legal challenges that Binance is still addressing in the region.
Farnell’s resignation comes at a time when several high-ranking Binance executives have announced their departures. In September, Gleb Kostarev, the head of Eastern Europe, the Independent States Community, Turkey, Australia, and New Zealand, along with Vladimir Smerkis, the CEO for the Commonwealth of Independent States, also made their exits from the company.
With Binance discontinuing its services for UK users, the platform is actively seeking a new partner authorized by the FCA to offer cryptocurrency services in compliance with regulatory standards. Moreover, the exchange’s earlier announcement suggests that the local community can continue using the platform following the completion of the verification process.
In contrast to Binance’s approach, other crypto companies have actively opposed the new regulatory framework in the United Kingdom. Bybit, for example, temporarily suspended its services in the region back in September, just before the FCA’s new legal framework came into effect.
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