Joseph Edmund Johnson, brother of former UK Prime Minister Boris Johnson, resigned from his advisory role to a subsidiary company of the crypto exchange Binance, the Telegraph reported.
Joseph Johnson has been an adviser of the Binance-founded payment tech company Bifinity, launched in March of this year. He had been in that position since September but stepped down last week due to increasing demands of transparency from Binance, according to the Telegraph.
UK regulators banned Binance from operating financial services in June 2021. The Financial Conduct Authority, the UK's financial watchdog agency, asserted that the firm lacked the authorization to conduct regulated services in the UK. Binance sought the proper regulatory licenses in November, The Block previously reported.
Binance CEO Changpeng Zhao has defended the company's finances by stating the firm has "assets to convert" and maintains no loans or liabilities.
Correction: This story has been updated to reflect that UK regulators banned Binance in June 2021.
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