Jo Johnson, brother of former Prime Minister Boris Johnson, has resigned as an advisor to the crypto exchange company Binance.
First reported by The Telegraph, the crypto firm said on Monday that Johnson had left his position on the UK advisory board for Bifinity, a payments technology subsidiary of Binance that was launched in March.
The crypto industry has faced a challenging year in 2022, capped off by the high-profile controversy and ultimate closure of FTX, a rival of Binance and at one time the third-largest crypto exchange in the world.
A spokesperson for Binance said that Johnson’s decision to step down was due to a desire to focus his efforts on other projects.
“Lord Johnson has recently taken on the role of executive chairman of FutureLearn. He will be focusing on his new role within the digital learning platform and is looking to scale back other activities,” the Binance spokesperson said.
UKTN has reached out to Johnson for further comment.
Binance has regularly been the subject of scrutiny from UK regulators that have expressed concerns over its activities in the country.
In 2021, the Financial Conduct Authority (FCA) banned the exchange from undertaking any regulated activity in the UK, stating that the company had at the time no “form of UK authorisation.”
The crypto firm eventually resumed its UK activities, following a deal with the regulated firm Paysafe. While the deal allowed the continuation of trading in Britain, the FCA remained sceptical of the situation.
Binance in September appointed Tory peer and former minister Lord Vaizey of Didcot to its advisory board.