Binance UK CEO Resigns

According to data from the state data registry, in September, Jonathan Farnell, the head of the British division of Binance crypto exchange and part-time CEO of its payment firm Bifinity, left the company.

Prior to this, Farnell had also served as a senior compliance officer at Binance Europe in June.

The platform suspended its customer base expansion in the UK on October 16 following orders from the FCA, due to its partner Rebuilding Society, limiting the promotion of financial services on behalf of unauthorized crypto asset service providers.

The FCA implemented a new cryptocurrency advertising regime in the UK a week earlier, complementing the recently adopted Financial Services and Markets Act that regulates the industry.

Farnell played a crucial role in Binance’s efforts to comply with UK regulations.

He joined the crypto exchange in 2021 from eToro, where he was in charge of compliance. In March 2022, he was named Bifinity’s CEO.

In August, Bloomberg reported that Visa and Mastercard had terminated their partnership with Binance due to regulatory issues.

In March, Binance was sued by the CFTC, followed by claims from the SEC against the platform and its CEO Changpeng Zhao in June.