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.
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.
Gamza Khanzadaev
Denys Serhiichuk
