Jo Johnson, the younger brother of ex-U.K. Prime Minister Boris Johnson, resigned last week from the advisory board of crypto exchange, Binance. This came after the US Department of Justice (DoJ) was considering filing criminal charges against the ramp for money-laundering offenses.
The Binance advisory seat held by Jo Johnson has been vacated
According to reports, in September, Lord Johnson of Marylebone joined the UK advisory board of Bfinity, a payments company launched by Binance. Johnson sat on the board together with Lord Vaizey, the former Conservative Culture Minister and current member of Binance’s global advisory board. With increasing scrutiny on Binance’s finances, the former Tory MP and universities minister resigned.
Changpeng Zhao, Binance’s CEO, asserted last week that everything was proceeding normally despite the $6 billion in investments that had been withdrawn. It was eventually revealed that the company’s auditor, Mazars, had ceased working on the account.
The collapse of FTX, a competitor to Binance, and the arrest of FTX’s founder, Sam Bankman-Fried, who is facing charges in the US for fraud, money laundering, and conspiracy, have all contributed to the current crisis in the cryptocurrency sector, which prompted his resignation.
The engagement of Johnson and Vaizey highlights Binance’s efforts to get momentum with lawmakers and authorities in Britain. Due to concerns over the company’s lack of openness, the Financial Conduct Authority (FCA) prevented its UK branch from opening last year.
Jo Johnson’s new position
Johnson was promoted to the position of Chairman of Digital Education platform FutureLearn earlier this month, following the acquisition of the company by the Dutch organization Global University Systems.
To focus on his new position as Chairman of FutureLearn, a digital learning platform, Johnson told the Guardian he has taken a new role as chairman of FutureLearn, and is pulling back other activities. According to a representative from Binance, he plans to devote more time to his new position at the online university.
By announcing his resignation from the cabinet in 2019, Johnson sent shockwaves through the Conservative Party, alleging an unresolvable contradiction between his family devotion and the national interest. The next year, his brother, who was Prime Minister at the time, gave him a seat in the House of Lords.
FCA concern over crypto startup
When Binance lent money to UK cryptocurrency startup, Bifinity in March, the FCA issued concerns that the exchange was a serious threat to the Brits.
This startup was founded in March by Binance and is based in Lithuania. It’s a service that facilitates the exchange of one currency for another or the conversion of fiat into cryptocurrency.
However, Binance CEO Changpeng Zhao, warned his employees in a memo last week that the coming months would be difficult, but he promised that they will emerge from the ordeal stronger than before.
On Monday, Binance US announced it had signed an agreement to purchase Voyager’s assets for $1 billion.
