Boris Johnson’s brother Joe has stepped down as an adviser to Binance, the world’s largest cryptocurrency exchange, which hopes to launch in the UK.
Marylebone’s Lord Johnson has assumed a UK advisory board role for Bfinity, a payments business set up by Binance in September, The Telegraph reported.
Johnson joined the board alongside former Conservative Culture Minister Lord Baisey, who is also a member of Binance’s Global Advisory Board.
A former Tory MP and university minister resigned amid mounting scrutiny of Binance’s finances. Founder Changpeng Zhao claimed last week that it was “business as usual” even though investors withdrew $6 billion from him. It was later revealed that auditor Mazars had stopped working with it.
Johnson’s resignation comes after one of Binance’s rivals, FTX, collapsed last month and FTX founder Sam Bankman-Fried was indicted in the US on charges of fraud, money laundering and conspiracy. It took place during an industry crisis. .
Johnson and Vaizey’s involvement with Binance highlights the company’s efforts to win the support of UK politicians and regulators.
Last year, the Financial Conduct Authority blocked the company from launching a UK unit due to concerns about the company’s transparency.
Johnson was appointed chairman of digital education platform FutureLearn earlier this month following its acquisition by Dutch group Global University Systems.
Mr Johnson told The Guardian:
A Binance spokesperson said Johnson is “considering focusing on a new role within the digital learning platform and scaling back other activities.”
Mr Johnson shocked the Conservative Party in 2019 when he announced he was resigning from the cabinet, citing “unresolvable tensions” between family loyalties and national interests. His brother and then Prime Minister gave him a seat in the House of Lords the following year.
Bifnity is headquartered in Lithuania and was launched in March by Binance. It provides currency services and converts traditional currencies into digital coins.
In a memo to staff last week, Zhao admitted that the next few months will be “bumpy”, but “we will get through this difficult time, and we will come out stronger by doing it,” they said. reassured.
