Jonathan Farnell, who served as the UK Chief Executive of Binance and the CEO of Bifinity, has left the company. His exit adds to a growing list of high-profile resignations at Binance, the world’s largest cryptocurrency exchange.
Regulatory Pressure on Binance
Farnell’s departure comes on the heels of Binance suspending new customer registrations in the UK. This decision was in response to the Financial Conduct Authority (FCA) cracking down on cryptocurrency promotions. The FCA has been vigilant in regulating the crypto space, recently adding 145 firms to its list of unauthorized entities.
Before joining Binance in 2021, Farnell led the compliance department at eToro and co-founded the FCA-regulated Arro Money, later acquired by eToro. He played a significant role in Binance’s efforts to become a regulated entity in the UK.
The FCA has been tightening its grip on cryptocurrency promotions. New rules that came into effect on October 8 require all firms to adhere to financial promotion regulations. Binance had to halt its UK operations temporarily as it seeks a new FCA-authorized partner for its promotions.
The challenges for Binance are not limited to the UK. The company has also faced regulatory scrutiny from the United States SEC. Last week, Stéphanie Cabossioras resigned from her role as the managing director of Binance’s French unit.
Binance is at a crossroads, facing regulatory challenges both in the UK and globally. The resignation of Jonathan Farnell is a significant development that could impact the company’s future operations in the UK.
