According to The Telegraph Joseph Edmund Johnson, the brother to former UK Prime Minister Boris Johnson quit his advisory position at Binance subsidiary firm Bifinity. Bifinity is a payment technology company developed by Binance that debuted in March this year. He had been in that position since September, but resigned last Wednesday due to increasing transparency expectations from Binance. This resignation comes amid growing concern about cryptocurrency following the fall of FTX, which is the second-largest trading platform after Binance. Competitors are trying to reassure customers, and the fall of Binance has sent shockwaves through the bitcoin sector. In June 2021, regulators barred Binance from providing financial services in the United Kingdom. The Financial Conduct Authority, UK’s financial watchdog said that the company did not have the required permission to provide regulated services. Coincu reported that Changpeng Zhao, Binance CEO, has stated that the firm has “assets for conversion” and has no obligations.
Zhao stated that we have the assets to convert. “There is no margin, leverage, we just needed banks to open. It doesn’t work when banks are closed and you want to withdraw money.
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