The head of Binance’s UK arm and, concurrently, chief executive of its payments firm Bifinity, Jonathan Farnell, left the company in September. This is according to data in the government data registry data registry.
In June, he also worked as a senior compliance officer at Binance Europe.
On October 16, the platform paused expanding its customer base in the United Kingdom after mandates from the FCA to its partner – Rebuilding Society. The latter pledged to restrict the carrying out of financial promotions on behalf of unauthorised cryptoasset service providers.
Earlier, in the United Kingdom a new cryptocurrency advertising regime began to take effect, proposed by the FCA. They complemented the recently enacted Financial Services and Markets Act, affecting the regulation of the industry in the country.
Farnell played a key role in Binance’s efforts to meet regulatory requirements in the United Kingdom. He joined the crypto exchange in 2021 from eToro, where he led compliance. In March 2022, he was appointed CEO of Bifinity.
In August, Bloomberg reported on the termination of cooperation between Visa and Mastercard and Binance amid the platform’s regulatory troubles. In March, CFTC filed a civil suit against the platform. In June, the SEC charged against Binance and its chief Changpeng Zhao.
In September, reports surfaced that the departure of Binance’s platform heads for Eastern Europe, the CIS, Turkey, Australia and New Zealand, Gleb Kostarev, and the regional general manager for the CIS, Vladimir Smerkis, had been announced. Also in the job market were Binance’s Asia-Pacific head Leon Fuong, Chief Strategy Officer Patrick Hillman, and Chief Legal Officer Han Ng.
Later it emerged that the termination of employment with Binance.US’s head of legal Krishna Juvvadi and the head of risk Sidney Majalia.
On October 19, it was reported that the departure of Binance France CEO Stephanie Cabossiioras had occurred. In June, media reported that the subsidiary was suspected of illegally providing cryptocurrency services and failing to comply with anti-money-laundering obligations.