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Joseph Edmund Johnson or Jo Johnson, the brother of former UK Prime Minister Boris Johnson, has resigned from his position as an advisor to a subsidiary firm of the Binance crypto exchange. The subsidiary in question is a Binance-founded payment tech company called Bifinity.
Jo Johnson Quits Binance
The Binance-powered Bifinity, which was established in March of this year, includes Joseph Johnson on its advisory board. He had been in that role since September, but according to a major media outlet, Johnson resigned last week as a result of growing demands for transparency from Binance.
Read More: Binance’s Mysterious Trades Worth $22 Trillion Found In Latest Analysis
The 50-year-old member of the House of Lords of the United Kingdom, was quoted as saying:
I stepped down from the advisory board last week and have no role with it [or] any related entity.
This development comes at a time when the crypto giant is facing trouble gaining regulatory approval to launch operations in the United Kingdom.
Binance’s Growing Legal Issues
Earlier, in June of this year, authorities in the UK prohibited the Binance exchange from providing any kind of financial services. As according to the United Kingdom’s Financial Conduct Authority, the company in question did not have the appropriate authorization to provide regulated services anywhere within the country’s borders.
Read More: “We’re Financially Strong” Says Binance’s CZ: Interview
Only in November of this year, Binance began the process of applying for the appropriate regulatory permits from official authoritative bodies.
Additionally, the company is dealing with a possible indictment by the United States Department of Justice as the government body is considering filing criminal charges against Binance for violating anti-money laundering laws.
About Binance’s Bifinity
According to Binance, Bifinity is a fintech company that connects businesses, merchants and millions of users to the world of crypto and blockchain.
Read More: Binance Buys Voyager Assets Amid Heat Over Reserves
Led by Helen Hai, Bifinity’s President, the platform currently supports over 50 cryptocurrencies and all major payment methods, including VISA, Mastercard and more.
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