Binance UK Chief Joins Executive Exodus From Beleaguered Crypto Exchange

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Binance UK chief Jonathan Farnell has left the company, the latest top manager to join an exodus of executives from the troubled exchange this year.

Farnell’s departure follows a crackdown on advertising and communications by the UK’s Financial Conduct Authority that has made it harder for offshore cryptocurrency firms to conduct business in the UK.

A UK corporate filing says Farnell resigned on Sep. 22 while his LinkedIn profile shows his departure from the company in the same month. He had stepped down from a senior compliance role at Binance Europe in June.

Farnell was hired in 2021 for a compliance-focused role within Binance and was later promoted to head of the company’s UK operations. He previously worked at the retail trading firm, eToro.

Binance Battered By Regulators

Parent Binance, the world’s biggest cryptocurrency exchange, has faced an almost perfect storm this year.

The SEC filed a lawsuit against it in June, alleging that it violated securities laws, while in March the US Commodity Futures Trading Commission charged Binance and CEO Changpeng Zhao with ”willful evasion of federal law.” Court filings unsealed since have accused Binance.US of not cooperating with the SEC’s investigation.

In Europe, the exchange is also battling to stay compliant as regulatory authorities continuously clamp down on crypto companies. In the UK, Binance has had to temporarily suspend the onboarding of new users as it seeks a new approver for its financial promotions.

Binance.US cut its workforce by a third in September and an exodus of staff globally from the firm has gathered pace in recent months.

Farnell’s departure brings to at least 12 the number of top executives who have left this year and follows hard on the heels of the departure of France managing director Stéphanie Cabossioras, who left the company on Oct. 18.

Fortune reported that the exodus was sparked in part by disquiet within the company about the way founder Changpeng Zhao has handled an investigation into the exchange by the US Department of Justice.

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