Jonathan Farnell, an important person in Binance’s UK team, has quit. This is the latest in a series of important people leaving the company. Official documents show that Farnell used to be in charge of Binance’s UK branch, but he left that position in September after leaving a high-level job at Binance Europe in June.
Farnell started using Binance in 2021 after switching from eToro. He had a big impact on Binance’s rules for following the law, and later became in charge of the company’s operations in the UK. In March 2022, he became the CEO of Bifinity, Binance’s payment company, while also being a director at Binance Markets Limited.
However, during his time as leader, Binance got into trouble with government rules. In the UK, Binance had to stop signing up new customers because of new rules from the Financial Conduct Authority, especially about advertising cryptocurrency. This decision shows the problems that crypto exchanges all over the world are having with regulations.
Also, Binance’s plan to buy Eqonex through Bifinity faced problems. The planned purchase is meant to help Binance get registered in the UK. However, the FCA still had concerns, so they closely examined Binance’s operations in the area.
After Farnell left, many other important people also quit their jobs at Binance. Important people like Gleb Kostarev, Vladimir Smerkis, Leon Foong, Patrick Hillman, and Han Ng have all ended their relationships with the company. This trend makes people wonder how things work within the rules.
After these changes, Ilir Laro, who knows a lot about the company, has joined the directorial board for Binance’s UK branch. Because of his previous jobs, he is in a good position to handle the current difficult situations.
Therefore, Binance is looking to work with a company authorized by the FCA to follow the UK’s stricter rules about advertising cryptocurrency. The exchange will continue to serve current customers as long as it follows the rules set by the government and makes sure that the investments are suitable for the customers.
Furthermore, the rules and regulations in the UK have made other crypto companies rethink their position. For example, Bybit, a different cryptocurrency exchange, stopped doing business in the UK before the strict new FCA rules were put into place.
These changes in the industry show how important it is for companies like Binance to find a balance. They need to come up with new ideas in the quickly changing crypto industry, while following the rules from regulators around the world.
This is not advice for trading.