Former UK Prime Minister Boris Johnson's Brother Resigns From Binance Subsidiary

Joseph Edmund (Jo) Johnson, the brother of former U.K. Prime Minister Boris Johnson, quit his advising position with a Binance subsidiary firm, according to The Telegraph,

The March 2018 debut of the payment technology business Bifinity, which was created by Binance, included Jo Johnson as an advisor.

Johnson was in that position since September but resigned last week as a result of Binance's growing demands for openness, The Telegraph reported.

In June this year, Binance was prohibited by U.K. regulators from providing financial services.

Also Read: Binance US To Acquire Assets Of Bankrupt Crypto Lending Firm Voyager: What It Means For Customer Funds

"Binance Not Eligible To Provide Service In The U.K."

The company was said to be ineligible to provide regulated services in the U.K. by the Financial Conduct Authority, the country's financial watchdog organization.

Binance CEO Changpeng Zhao defended the company’s financial standing by asserting that there were no debts or obligations and there were "assets to convert."

Meanwhile, Zhao recently told his staff the ongoing crypto winter would continue for the foreseeable future and the coming months could be difficult.

“While we expect the next several months to be bumpy, we will get past this challenging period — and we’ll be stronger for having been through it,” Zhao stated in an internal memo to Binance employees, according to Bloomberg.

Zhao, known as "CZ" in the crypto industry, said Binance was now the subject of "a lot of extra scrutiny and tough questions" due to the collapse of prominent rival crypto exchange FTX (CRYPTO: FTT).

Next: Will Binance Succumb To Crypto Market Fears?

Photo: Numer 10 via Flickr Creative Commons