It has been revealed that Jonathan Farnell, the President of Binance UK and CEO of Bifinity, resigned from his positions in September. Farnell’s resignation came as a result of the UK Financial Conduct Authority (FCA) putting pressure on offshore cryptocurrency companies operating in the country.
It has been discovered that Jonathan Farnell, the President of Binance UK and CEO of Bifinity, left the company and resigned in September. Farnell’s resignation is believed to be related to the regulations implemented by the FCA and the restrictions placed on offshore cryptocurrency companies operating in the UK. Prior to joining Binance and holding senior positions at Bifinity and Binance UK, Farnell worked at the popular trading platform eToro.
Farnell played a crucial role in ensuring that Binance’s operations in the UK were compliant with regulations. However, the FCA’s introduction of new regulations banning cryptocurrency advertisements at the beginning of October led to Binance halting the acceptance of new customers in the United Kingdom.
Prior to Jonathan Farnell’s resignation, several high-level executives at Binance had also resigned. Most recently, the General Manager of the CIS region, Vladimir Smerkis, and the Regional President for Eastern Europe, the Commonwealth of Independent States, Turkey, Australia, and New Zealand, Gleb Kostarev, resigned in September. These resignations came at a time when Binance was facing increasing regulatory pressures worldwide.
It is currently unknown who will replace Jonathan Farnell in the UK. However, records indicate that Ilir Laro seems to have been appointed as the director of the UK entity in September.
Existing Binance users in the UK can continue to use the cryptocurrency exchange if they meet certain conditions. Binance is currently seeking a new partner authorized by the FCA in the UK. On the other hand, some offshore cryptocurrency exchanges appear to have deemed the new regulations in the UK unenforceable. For example, Bybit, one of Binance’s competitors, suspended its operations in the United Kingdom in September, before the FCA’s new rules came into effect.