Ex-British Prime Minister Jo Johnson’s Ex-Brother Steps Down As Binance Advisor

Joseph Edmund Johnson or Jo Johnson, the brother of former British Prime Minister Boris Johnson, has resigned as an adviser to a subsidiary of the crypto exchange Binance. The subsidiary in question is a payment technology company founded by Binance called Bifinity.

Jo Johnson leaves Binance

The Binance-powered Bifinity, which was established in March this year, includes Joseph Johnson on its advisory board. He had held the position since September, but according to a major media outlet, Johnson resigned last week due to Binance’s growing demands for transparency.

Read more: Binance’s Mysterious Transactions Worth $22 Trillion Uncovered in Latest Analysis

The 50-year-old member of the UK House of Lords reportedly said:

I left the advisory board last week and have no role there. [or] any related entity.

This development comes at a time when the crypto giant is struggling to secure regulatory approval to launch operations in the UK.

Binance’s Growing Legal Problems

Earlier, in June this year, the UK authorities banned the Binance exchange from providing any kind of financial services. According to the Financial Conduct Authority of the United Kingdom, the company in question did not have the appropriate authorization to provide regulated services within the borders of the country.

Read more: “We are financially strong,” Binance’s CZ says: Interview

It was only in November this year that Binance began the process of applying for the appropriate regulatory clearances from official authoritative bodies.

Additionally, the company is facing possible indictment by the United States Department of Justice, as the government body plans to bring criminal charges against Binance for violating anti-money laundering laws.

About Binance Bifinity

According to Binance, Bifinity is a fintech company that connects businesses, traders, and millions of users to the world of crypto and blockchain.

Read more: Binance Buys Voyager Assets Amid Reserve Heat

Led by Helen Hai, President of Bifinity, the platform currently supports over 50 cryptocurrencies and all major payment methods, including VISA, Mastercard and more.

Pratik has been a crypto evangelist since 2016 and has covered almost everything crypto has to offer. Whether it’s the ICO boom, the bear markets of 2018, the Bitcoin halving so far – he’s seen it all.

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