Another Departure at Binance: Former UK Director Jonathan Farnell Resigns
Jonathan Farnell, the former director of Binance UK, recently resigned, marking another significant departure at the cryptocurrency market leader. Farnell, who also served as the CEO of Bifinity, a Binance subsidiary, left his position in September, according to information found on Linkedin.
This departure comes amidst regulatory pressure from the UK’s Financial Conduct Authority (FCA). The FCA has recently implemented new restrictions on cryptocurrency-related advertising, leading Binance Markets Limited (the local branch of Binance) to cease operations in the UK.
On the other hand, Farnell joined Binance in 2021 while working at eToro, where he led the Compliance department. He was also appointed as the CEO of Bifinity in March 2022, a new payment entity launched by Binance. Farnell is known for playing a key role in Binance’s strategy to comply with local regulations in order to operate in the UK.
A Binance spokesperson responded to this unexpected departure with a statement to the media, saying, ‘We would like to thank Jonathan for his contributions and wish him all the best for his next challenge.’
Resignations Keep Mounting at Binance
This departure is not an isolated case. Binance has experienced a series of resignations from senior executives in recent months, such as Gleb Kostarev, Regional Manager (Eastern Europe, Turkey, Australia, etc.), and more recently, Stéphanie Cabossioras, CEO of Binance France.
It should be noted that Binance is currently searching for a new candidate to replace Farnell. Although no official announcement has been made yet, some documents show that Ilir Laro has been appointed for the position of ‘Director of the UK branch’ a few weeks ago.
Furthermore, Binance is also looking for a new partner authorized by the FCA. Existing UK customers can still use Binance, provided they have completed an ‘investor declaration and suitability test.’
As of now, the future of Binance’s UK subsidiary remains uncertain and raises questions about its ability to meet regulatory requirements.
