Jonathan Farnell, who served as the Head of Binance
UK and CEO of Bifinity, has left the company. This departure comes against the
backdrop of a regulatory crackdown by the Financial Conduct Authority that has significantly hindered the operations of offshore crypto firms in the
UK.
Farnell joined Binance in May 2021 and assumed the
role of CEO of Eqonex, the holding company of the crypto custodian Digivault,
in 2022. This move was in accordance with a loan agreement, which granted
Binance the authority to appoint a CEO from within Bifinity, Coindesk reported.
During this period, Bifinity was actively pursuing
the acquisition of Eqonex, but the deal eventually fell through. Subsequently,
Eqonex entered voluntary liquidation in November 2022. Farnell’s LinkedIn
profile indicates that he served as Eqonex’s CEO while employed at Binance.
Farnell’s departure adds to the executive exits from
Binance in recent months. Gleb Kostarev, the Regional Head of Eastern Europe,
Commonwealth of Independent States, Turkey, Australia, and New Zealand, as well
as Vladimir Smerkis, the General Manager for the CIS region, both announced
their resignations in September, The Block reported.
Besides that, Brian Shroder, the CEO of Binance.US,
resigned from his role and was temporarily replaced by Norman Reed, the Chief
Legal Officer. The departure of Shroder and the broader downsizing efforts
reflect the company’s response to ongoing regulatory pressure.
Binance Faces Top-Level Exodus
The situation is no different at Binance, the global crypto exchange. Some of the senior executives who have left the company include the Chief Strategy Officer,
Patrick Hillmann, Senior Vice President for Compliance, Steven Christie, and
General Counsel Han Ng. Eleanor Hughes is currently the new General
Counsel.
Earlier this year, Binance.US encountered legal
troubles when the US Securities and Exchange Commission (SEC) filed
allegations against Binance Holdings, its Co-Founder Changpeng Zhao (CZ), and
Binance.US. The SEC accused them of mishandling customer funds, misleading
investors and regulators, and violating securities regulations.
The challenges didn’t stop there; the US Commodity
Futures Trading Commission charged Binance and CZ with ‘willful evasion of
federal law’ in March, while the US Department of Justice initiated an
investigation into Binance. However, no criminal accusations have been made.
Jonathan Farnell, who served as the Head of Binance
UK and CEO of Bifinity, has…
