UK's Ex PM Brother Resigns As Adviser

J

oseph Edmund Johnson, brother of the UK's ex-Prime Minister Boris Johnson, quit his helping post at a subsidiary firm related to cryptocurrency exchange Binance as reported by The Telegraph.

Last week Joseph Johnson resigned from his position as an adviser of the Binance-founded payment tech company, Bifinity. He had been in this role since September but was forced to resign due to increasing demands for transparency by Binance, reported The Telegraph.

In June 2021, the UK's Financial Conduct Authority (FCA) prohibited Binance from operating any financial services in their jurisdiction. After that event, The Block reported that Binance had applied for the appropriate regulatory licenses to continue its activities. This has presented a major hurdle for the company and shows just how strict UK regulations are when it comes to businesses seeking permission to operate within their borders.

Changpeng Zhao, the CEO of Binance, has declared that his company is in a sound financial situation due to their abundance of "assets to convert" and lack of loans or liabilities.

Jonathan

An editor at Coincrop

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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.