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Boris Johnson’s Brother Steps Down from Advisory Board of Binance Subsidiary

Mon, 12/19/2022 - 18:26
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Alex Dovbnya
As questions began to arise about the transparency of Binance's finances, Jo Johnson, Boris Johnson’s brother, resigned from his post
Boris Johnson’s Brother Steps Down from Advisory Board of Binance Subsidiary
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Jo Johnson, the brother of former U.K. Prime Minister Boris Johnson, was providing guidance to a Binance subsidiary after joining its advisory board in September, The Telegraph reports.  

The former science minister resigned from his post last week as questions started to arise about the lack of clarity in the crypto giant’s finances and a deepening crisis within the crypto industry that was triggered by the FTX collapse. 

He and former Digital Minister Lord Vaizey were both providing consulting services for Bifinity, a Lithuania-based payments startup owned by Binance, as noted in their Parliamentary records. The subsidiary was launched earlier this year to make it possible to convert traditional currencies into crypto. As per a regulatory filing, Bitfinity is considered to be part of Binance Group. 

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A spokesman for Binance commented on Johnson’s departure, noting that he has taken on the role of executive chairman of FutureLearn and is looking to reduce his other commitments. 

The presence of two ex-government members underscores Binance's efforts to attain reputability with regulators and lawmakers. After a run-in with the Financial Conduct Authority last year, the exchange is now facing intense scrutiny over the transparency of its finances

Earlier this month, the former U.K. prime minister addressed a conference to showcase the potential of blockchain, which serves as the underlying technology for various forms of cryptocurrencies.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at