Joseph Edmund Johnson or Jo Johnson, the brother of former UK Prime Minister Boris Johnson, has resigned from his position as an advisor to a subsidiary firm of the Binance cryptocurrency exchange. The subsidiary in question is a Binance-founded payment tech company called Bifinity.
Jo Johnson Quits Binance
The Binance-led Bifinity, which was established in March of this year, includes Joseph Johnson on its advisory board. He had been in that role since September, but according to a major media outlet, he resigned last week as a result of growing demands for transparency from Binance.
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The 50-year-old member of the House of Lords of the United Kingdom, was quoted as saying:
I stepped down from the advisory board last week and have no role with it [or] any related entity.
This development comes as the crypto giant, Binance, is still having trouble gaining regulatory approval to launch operations in the United Kingdom.
Binance’s Growing Legal Issues
Additionally, the company is dealing with a possible indictment by the United States Department of Justice as the government body is considering filing criminal charges against Binance for violating anti-money laundering laws.
Earlier, in June of this year, authorities in the UK prohibited the Binance exchange from providing any kind of financial services.
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According to the United Kingdom’s Financial Conduct Authority, the company in question did not have the appropriate authorization to provide regulated services anywhere within the country’s borders.
Only in November of this year, Binance began the process of applying for the appropriate regulatory permits from official authoritative bodies.
About Binance’s Bifinity
According to Binance, Bifinity is a fintech company that connects businesses, merchants and millions of users to the world of crypto and blockchain.
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Led by Helen Hai, Bifinity’s President, the platform currently supports over 50 cryptocurrencies and all major payment methods, including VISA, Mastercard and more.
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