Boris Johnson’s brother, Jo Johnson, has resigned from his advisory function at Binance’s UK unit amid issues about transparency within the finance sector and market turmoil. Johnson, a former MP and minister within the UK authorities, introduced his departure on Friday, citing “unresolvable rigidity” between his function as an adviser and his “responsibility as a member of Parliament to talk out.”
Johnson’s departure comes as Binance faces criticism for its lack of transparency and questionable enterprise practices. The cryptocurrency change has confronted accusations of cash laundering and has been linked to a number of high-profile hacks. As well as, Binance has confronted scrutiny for its dealings with some international locations which have been blacklisted by the US for his or her involvement in terrorism and different illicit actions.
The market turmoil, attributable to the continuing pandemic and financial uncertainty, has additionally performed a job in Johnson’s determination to resign. The cryptocurrency market has been notably unstable in current months, with many buyers shedding important sums of cash.
In an announcement, Johnson stated, “I’ve been more and more alarmed by the dearth of transparency and accountability within the digital asset and cryptocurrency markets. I imagine it is vital that we have now sturdy and efficient regulation to guard shoppers and stop illicit actions.”
Binance UK CEO Teana Baker-Taylor thanked Johnson for his contribution to the corporate and stated that they may proceed to work with the UK authorities to make sure compliance with rules. “We’re dedicated to constructing a clear and compliant platform for our prospects and we are going to proceed to work carefully with regulators to realize this,” Baker-Taylor stated.
Johnson’s resignation is the newest in a sequence of exits from Binance, as the corporate faces mounting stress to enhance its transparency and enterprise practices. It stays to be seen how this may affect the corporate’s operations within the UK and past.