Joe Johnson, brother of former British Prime Minister Boris Johnson, has resigned from his position as an advisor to cryptocurrency exchange Binance. As The Telegraph reported Monday (19), the decision was made last week amid widespread pressure on digital asset exchanges following the collapse of FTX.
I left the advisory board last week and have no role with it. [ou com] any related entity.
Joe Johnson is stepping down from Binance
Johnson became an advisor at a UK subsidiary of Binance in September this year. But it appears that he has given up the role due to the latest actions by the country’s regulator.
Last month, the UK’s Financial Conduct Authority (FCA) asked lawmakers to show support for its decision not to license cryptocurrency exchanges following the collapse of FTX.
Furthermore, also in 2021, the Financial Conduct Authority (FCA) warned that Binance had no “shape” of permission to offer its services in the country. In fact, the Financial Conduct Authority (FCA) issued three separate notices regarding Binance’s irregular activities in the country.
In August last year, as mentioned In CriptoFácil, the FCA announced that Binance has fulfilled the requirements of the regulator. But even so, the regulator reported that the brokerage is still without permission to operate and offer its services in the country:
On June 25, 2021, the Financial Conduct Authority (FCA) imposed requirements on Binance Markets Limited (BML). The company has met all aspects of the requirements. (…) These requirements remain in force, but BML is not yet entitled to conduct regulated business in the UK. FCA said in a statement.
Binance remains unable to operate in the UK
Johnson has served as an advisor to Bifinity, a company founded by Binance, along with Lord Vaisey, a former digital minister and current member of Binance’s global advisory board.
In addition to Johnson and Fizi, in April last year, Binance also hired a former FCA employee. Upon leaving the body after a tenure of over nine years, Stephen McWhirter became Global Director of Regulatory Policy at Binance.
The performance of two former stock exchange ministers and a former head of the coalition forces highlights the company’s efforts to comply with the requirements of regulators around the world. However, at least in the UK, the platform is still unable to function.
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