Just-In: Former UK Prime Minster Jo Johnson Resigns from Binance Advisory Role
Joseph Edmund Johnson or Jo Johnson is the brother of former UK Prime Minster Boris Johnson and has resigned as an advisor to a subsidiary company of the Binance cryptocurrency exchange. Bifinity, a Binance-founded payments tech company, is the subsidiary.
Jo Johnson Quits Binance
Joseph Johnson is a member of the advisory board for Binance-led Bifinity. It was established in March this year. Johnson had been in the same role since September. However, a major media outlet reported that he resigned last Wednesday due to growing transparency demands from Binance.
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According to reports, the House of Lords of England member aged 50 was quoted as saying:
Last week, I resigned from the advisory board and have no involvement with it or any related entity.
This is a development that comes as Binance, the crypto giant, continues to have trouble obtaining regulatory approval to start operations in the United Kingdom.
Growing Legal Issues in Binance
The United States Department of Justice is also investigating the possibility of Binance being indicted for violating anti money laundering laws.
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In June of this year, the UK authorities prohibited the Binance exchange’s provision of any type of financial services.
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According to the United Kingdom’s Financial Conduct Authority (UKFA), the company in question didn’t have the authorization to provide regulated service anywhere within the country’s borders.
Binance began the process to apply for the appropriate regulatory permits at the relevant authoritative bodies in November.
Binance claims that Bifinity is a fintech firm that connects merchants, businesses, and millions of users to the worlds of crypto and blockchain.
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Helen Hai, President of Bifinity, is currently leading the platform. The platform supports more than 50 cryptocurrencies and all major methods of payment, including Mastercard, VISA, and Mastercard.
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