Binance UK CEO Jonathan Farnell has stepped down amidst increasing scrutiny from the UK’s Financial Conduct Authority (FCA). Hired in 2021 for a compliance-centric role and later elevated to oversee Binance‘s UK operations, Farnell’s exit leaves Ilir Ergis Laro as the sole representative of Binance in the UK. Before the FCA’s recent regulatory changes, Farnell, a former eToro employee, was instrumental in aligning Binance with the UK’s regulatory framework.
The Binance Seychelles Company In The UK
According to the information on the website, Binance UK is operated by Nest Services Limited, a company incorporated under the laws of the Republic of Seychelles. In most other EEA jurisdictions, Binance services are offered via Binance (Services) Holdings Limited, a company registered in Dublin, Ireland.
In light of new FCA regulations and the barring of its FCA-approved marketing affiliate, RebuildingSociety (REBS), Binance announced on Oct. 16 that it would halt the onboarding of new UK customers.
Last year, the FCA faced criticism from the crypto sector for its rejection of numerous crypto applicants. However, the agency defended its stance, asserting that these rejections could guide other firms in crafting successful applications. 195 crypto applications were either denied or declined due to non-compliance with anti-money laundering regulations, with 29 firms retracting their applications in 2022.
The French Troubles
Bloomberg also reported the resignation of Stéphanie Cabossioras, Binance France‘s general manager, amidst allegations of Binance’s illicit activities in France. The exchange’s retreat from the Dutch and German markets due to non-compliance, coupled with the departure of key executives post-U.S. investigations, has impacted Binance‘s short-term operations.
Further setbacks included the termination of partnerships with payment processor Checkout.com and the Solaris Group, leading to Binance ending their VISA debit card program as of December 20, 2023.
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