Binance’s UK CEO Resigns Amid Growing Regulatory Pressure

Binance’s UK CEO, Jonathan Farnell, has stepped down from his position, marking the latest departure in a series of executive exits from the company.

Farnell’s departure was noted in UK corporate filings and on his LinkedIn profile, indicating that he resigned from Binance Markets Limited in late September. Earlier in June, he had already relinquished his senior compliance role at Binance Europe.

A Binance spokesperson expressed gratitude for Farnell’s contributions and wished him success in his future endeavors. Farnell has not provided a comment on his departure as of now.

The news comes at a time when Binance faces escalating regulatory challenges, particularly in the United States, where it’s dealing with disputes involving two regulatory bodies, as well as in the UK.

The Financial Conduct Authority’s recent crackdown on crypto advertising, which came into effect in early October, prompted Binance to cease accepting new customers in the UK just last week.

Farnell played a pivotal role in Binance’s efforts to secure regulatory compliance in the UK. He joined the cryptocurrency exchange in 2021 after leading compliance at retail trading firm eToro. Initially focusing on compliance, Farnell was later appointed as the head of Binance’s UK operations.

In March 2022, Farnell assumed the role of CEO at Bifinity, a payments subsidiary launched by Binance. Despite this new role, he remained a director of Binance Markets Limited.

Bifinity was involved in a complex transaction related to Binance’s attempt to acquire Eqonex, the parent company of FCA-registered entity Digivault.

The acquisition appeared to be a step towards Binance’s registration in the UK, but the FCA expressed concerns about Binance’s UK operations.