Boris Johnson’s Brother Quits His Role at Binance
- Binance recently saw investors withdraw more than $6 billion following increased scrutiny of the exchange.
- CZ warned Binance employees in a memo of difficult times ahead as regulators are expected to investigate the exchange.
- The entire crypto market is facing uncertain times following the collapse of the FTX exchange.
Jo Johnson, the younger sibling of Boris Johnson, has resigned from his advisory position at Binance, the world’s largest cryptocurrency exchange, as it continues its plans to expand to the UK. According to the Telegraph, Lord Johnson of Marylebone joined the UK advisory board of Bfinity, a payments company founded by Binance, in September.
Jo’s surprising decision comes as the entire crypto industry is faced with an uncertain future following the collapse of FTX, one of the biggest crypto exchanges at one time. Jo is not the only public figure seeking to distance himself from the crypto industry. Other celebrities have stayed far from the crypto market since FTX’s liquidity crunch.
The 50-year-old Johnson reportedly left his advisory role at Binance last week after the exchange’s proof of reserves raised concerns for some accounting and financial experts. Lord Johnson shared a statement on Monday saying that “I stepped down from the advisory board last week and have no role with it [or] any related entity.”
Binance has seen massive withdrawals in recent days, and regulators are expected to turn their attention to the exchange. Binance founder and CEO Changpeng Zhao, however, insisted that there was no need for concern, saying that it was “business as usual” last week despite investors taking out as much as $6 billion.
Binance also claimed that Johnson stepped down from his role to manage his workload. The exchange said in a statement,
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.
Binance has long sought ways to avoid regulatory oversight in Britain. The nation’s Financial Conduct Authority (FCA) has previously cautioned that Binance lacked any authorization to provide services that were subject to British regulation. The FCA reportedly blocked the popular exchange from launching a UK division amid concerns over its transparency. Binance’s partnership with Jo was seen as an attempt to forge political ties in the UK.
Binance’s CEO recently warned the company’s employees of a bumpy road ahead following the mass withdrawals. Zhao, however, assured his colleagues that the company was in a good financial state and would overcome the challenging times.
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