CDS Crypto News The Compliance Specialist Farnell Joined the Ranks of Those Leaving Binance This Year
Crypto News

The Compliance Specialist Farnell Joined the Ranks of Those Leaving Binance This Year

Compliance specialist Farnell also chose to resign from his position at Binance.

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The Compliance Specialist Farnell Joined the Ranks of Those Leaving Binance This Year

Crypto News – The latest executive to leave the company is Jonathan Farnell, a compliance expert who led Binance’s UK operations before taking over Bifinity, a subsidiary.

The Compliance Specialist Farnell Joined the Ranks of Those Leaving Binance This Year

According to UK business documents and Farnell’s professional background on LinkedIn, he left his position at Binance Markets Limited in late September. Farnell had previously left Binance Europe in June after holding a senior compliance position there.

We’d like to thank Jonathan for his contributions and wish him all the best on his next challenge,

a Binance spokesperson

The announcement comes as Binance is facing increasing regulatory pressure in both the UK and the US, where it is involved in a legal battle with two regulators. Binance stopped taking on new customers in the UK this week as a result of a Financial Conduct Authority crackdown on cryptocurrency advertising that went into effect at the beginning of October.

Farnell had Served as CEO of Bifinity Since March 2022

In Binance’s efforts to get regulated in the UK, Farnell was a key player. Having led compliance at retail trading firm eToro, he left in 2021 to join the cryptocurrency exchange. Farnell was first hired for a compliance-focused position but was then promoted to head of UK operations for Binance.

Farnell was named CEO of Bifinity in March 2022 while continuing to serve as a director of Binance Markets Limited, a new payments company that Binance had founded. Bifinity was part of a convoluted transaction in which Binance intended to buy Eqonex, the parent company of Digivault, an FCA-registered company, from Bifinity. The FCA intervened, publishing a statement on the deal and stating that it remained concerned about Binance’s UK branch, despite the fact that the goal seemed to be for Binance itself to get registered in the UK.

Ilir Laro was appointed a director of the UK firm in September, according to company documents, but it is not yet clear who will replace Farnell at the firm. According to his LinkedIn page, Laro was formerly the deputy head of the cryptocurrency exchange in the UK and Ireland and today serves as the worldwide integrated marketing and campaigns manager.

The Compliance Specialist Farnell Joined the Ranks of Those Leaving Binance This Year
Sources:theblock
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