Boris Johnson’s Brother Quits Binance Amid Exchange Fears: Report

 Jo Johnson quits as an advisor on the advisory board of Binance last week by the concerns over the cryptocurrency exchange’s struggles to launch in the  United Kingdom. 

He has been working in the advising Binance during the efforts to expand its services into the United Kingdom.

He joined one of the subsidiaries of Binance, Bitfinity in September as an advisor. 

The Binance and the spokesperson of Jo Johnson did not respond to the Reuters request for commenting on this news. 

In October Reuters reported that Binance had searched for ways to evade the regulatory inspection in Britain.

The Financial Conduct Authority (FCA) of Britain invited lawmakers to show their support for that decision.  

Jo Johnson Quits Binance Amid Concerns Over The Exchange

Jo Johnson brother of former British prime minister Boris Johnson shared through the telegraph that he stepped down from the advisory board of Binance and he has no role with it and any related entities. 

 FCA also warned that Binance did not work against Britain. It did not hold any permission to offer the services regulated by Britain. 

Telegraph report on his resignation last week by the proof of reserves of Binance has raised red flags for some financial specialists in a situation of negative sentiment affecting the exchange.

The company Bitfinity which Jo Johnson worked as an advisor was created by Binance as a part of the Binance group in 2022. The company worked on converting traditional currencies into digital currency.

Mazars is the official auditor of Binance’s proof-of-reserve updates. 

On December 16 a report from Cointelegraph commented that Binance’s all proof of reserves had been removed from the Mazars website. 

A new report says that Binance.US will acquire assets of crypto firm Voyager Digital at the value of $1.022 billion. 

>Related: Binance CEO Zhao Dismisses Worries Over The $2.1 Billion FTX Clawback

About Binance

Binance is an online exchange it allows its users to trade cryptocurrencies. 

It provides a crypto wallet to its users that aims to store their funds in an electronic format. 

Binance not charging trading fees.

Binance.US is best for peer-to-peer trading and crypto-to-crypto trading. 

Binance.US is not available in all 50 states and four U.S. states.

Jo Johnson

Jo Johnson also known as Joseph Edmund Johnson is the younger brother of former British prime minister Boris Johnson. He was a former minister. At the age of 47, he was elected as a member of parliament.