Jonathan Farnell, the former UK chief of Binance and CEO of its payment subsidiary Bifinity, has stepped down from his role. His resignation comes amidst regulatory disputes in the US and UK and a wave of high-profile departures from the cryptocurrency exchange giant, Binance.
Farnell's resignation follows a series of exits from Binance including Gleb Kostarev, Vladimir Smerkis, Leon Foong, Patrick Hillman, and Han Ng. In response to these departures, Ilir Laro has been appointed as a director of the UK entity.
The stricter crypto advertising regulations from the UK's Financial Conduct Authority (FCA) led to a halt in new customer registrations at Binance. Despite this halt, existing customers can continue using Binance after completing an investor declaration and appropriateness test while the firm seeks an FCA-authorized partner for financial promotions.
Farnell, who joined Binance from eToro in 2021, played a pivotal role in efforts for Binance's regulatory compliance in the UK. He led Bifinity in a transaction to acquire Eqonex, Digivault’s parent company, with the aim of securing UK registration for Binance. This effort was however impeded by FCA intervention due to concerns about Binance Markets Limited, the company's UK arm.
Meanwhile, Bybit, a rival to Binance, suspended its services in the UK following the introduction of the FCA's new rules. The developments at Binance and Bybit highlight the growing scrutiny and regulatory pressures faced by cryptocurrency exchanges in the UK market.
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