The crypto industry is shaken by a series of massive departures at Binance, one of the major players in the sector. These resignations, including that of the head of Binance UK and the director of Binance France, demonstrate the turbulence the crypto company is going through. Let’s dive behind the scenes of these departures.
Binance UK chief Jonathan Farnell leaves crypto firm
Jonathan Farnell, the head of Binance in the UK, has announced his resignation from the crypto company. This resignation is the last in a series of departures of senior Binance executives. It comes against a backdrop of increasingly intense crypto regulatory pressure in the United States and the United Kingdom.
Farnell joined the crypto exchange in 2021. He held various roles within the crypto company. But he had left his position as head of compliance at Binance Europe and resigned from Binance Markets Limited in September.
Jonathan Farnell had played a central role in Binance’s crypto regulatory efforts in the UK. But the rise of regulations, notably Financial Conduct Authority crackdown on crypto advertisingforced the exchange to no longer accept new customers in the United Kingdom.
Farnell’s resignation is not an isolated case
StĂ©phanie Cabossioras, director of Binance France, also announced his resignation. She had joined the exchange in April of the previous year and played a vital role in the company’s development in France.
Other senior officials of the exchange are also added to the list:
- Gleb Kostarev: Regional Manager for Eastern Europe, Commonwealth of Independent States, Turkey, Australia and New Zealand
- Vladimir Smerkis: general director of the CIS region
- Leon Foong: Head of Asia-Pacific region
- Patrick Hillman: Director of Strategy.
- Han Ng: general counsel
These successive departures bear witness to the turbulence that society is currently going through. The specific reasons for these resignations may vary. But increasing regulatory pressure, ongoing investigations and legal disputes facing the crypto company appear to be common factors leading to this series of departures.
This wave of departures from Binance does not only affect the company. It also impacts the crypto market in general. To be continued…
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