Jo Johnson, the brother of former British Prime Minister Boris Johnson, resigned last week as an adviser to Bifinity, a subsidiary of Binance. Also a politician, Jo held office for only three months.
Local media linked Johnson’s departure to the extreme pressure cryptocurrency exchanges have faced over the past month, particularly in terms of fund transparency following the bankruptcy of FTX.
Another point highlighted by The Telegraph is that Binance has been banned in the UK by the regulatory body FCA. That is, this factor may also have factored into Johnson’s decision.
Binance remains in touch in the UK
Despite the loss of Jo Johnson, Binance still has Ed Vaizey on its global board. Former minister and member of the British parliament, the politician stands alongside other big names from different countries.
One of them is the Brazilian Henrique Meirelles, former minister of the Central Bank. While many speculated that Lula would call him to become economy minister again, the president eventually gave the post to Fernando Haddad. That is why Meirelles remains steadfast on Binance.
Regarding Johnson’s departure, a Binance spokesperson told The Telegraph that his former advisor will focus his efforts on FutureLearn and that this would be the reason for his departure.
Johnson, meanwhile, reacted more sternly, as if he wanted to avoid any ties to Changpeng Zhao’s brokerage while the world watches the pressure she’s under.
“I left the advisory board last week and no longer have a role in it. [ou] any related entity.”
Exit occurs at the critical moment
Last week, Binance lost the backing of Mazars, the accounting firm that audited its funds. At the time, the company even deleted all reports related to such an audit and ceased its work with the cryptocurrency sector.
Therefore, Johnson’s departure may be related to that. After all, several celebrities who invested in FTX have already been sued by clients who lost their savings at Sam Bankman-Fried’s bankrupt brokerage.
Finally, it seems that everyone is moving away from cryptocurrencies. For example, some companies even commented that they no longer feel safe with projects in this sector.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
