Joe Johnson, brother of former British Prime Minister Boris Johnson, has resigned from Britain’s advisory board bifinityA unit of a major crypto exchange binance,
Binance reportedly announced Johnson’s departure from the payments technology company on Monday. according In a statement released to The Telegraph on Monday, Johnson was quoted as saying,
“I stepped down from the advisory board last week and had no role in [or] Any related organization.
The report states that one of the reasons behind the decision could be the growing pressure on the transparency of Binance’s finances.
It cited official records to say that Baron Johnson of Marylebone, former minister of state for universities, science, research and innovation, had been advising Binance as it sought to expand into the United Kingdom and launch its exchange in the country. Was.
bitfinity was launched Acquired by Binance in early March this year, The Telegraph said Johnson had joined as an advisor in September.
He then reportedly resigned two-three months later, notably last week, following a Proof-of-Reserve (PoR) audit of Binance. Some financial and accounting experts expressed concern about the audit, while many in the crypto industry questioned the legality and accuracy of this specific type of PoR – and it was all followed by a possible bank run.
as Reported, Binance’s PoR audit, was released in early December, with some experts claiming it didn’t do enough to satisfy concerned users, especially given its limited scope. Douglas Carmichael, an accounting professor in New York Baruch Collegesaid that it was “a gross misrepresentation to call this an audit,” and that he “can’t imagine that it answers all the questions an investor would have about the adequacy of collateralization.”
This may have contributed to Johnson’s decision to exit the company’s subsidiary, if not the entire reason.
Although, according To Reuters, Binance suggested Johnson had stepped down to manage his own increased workload, stating:
“Lord Johnson has recently taken up the role of Executive Chairman of Futurelearn. He will focus on his new role within the digital learning platform, and is looking to reduce other activities.”
Notably, his move comes at a time of continued crypto market decline, the ongoing impact of ftx exchange collapse, and increasing regulatory pressure.
In June last year, the country’s Financial Conduct Authority (FCA) warning Binance “is not permitted to carry out any regulated activity in the UK” without the prior written consent of the regulator. The FCA said at the time that neither Binance nor any of its entities had “any type of UK authorisation, registration or license to carry out a regulated activity in the UK”.
So, all the above combined, it is not at all surprising that a political figure would decide to leave a crypto-related company and industry – at least until the dust settles.
Meanwhile, Binance’s bnb The coin was trading at around $248 at 10:40 UTC on Tuesday morning. It is unchanged in a day and down 10.5% in a week
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learn more:
, Legendary ‘The Big Short’ investor Michael Berry believes Binance crypto exchange audit is meaningless – here’s why
, Shark Tank Star Kevin O’Leary Criticizes Binance
, Binance’s Audit of CryptoQuant Reveals No ‘FTX-Like’ Behavior in Proof-of-Reserve
, Binance’s Bitcoin Reserves Collateralization Ratio Sits at 101% According to Mazars Audit – Here’s What You Need to Know
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