Boris Johnson’s Brother Resigns from Binance UK Advisory Board Amidst Growing Scrutiny

Boris Johnson’s Brother Resigns from Binance UK Advisory Board Amidst Growing Scrutiny

  • Jo Johnson, the brother of the UK’s ex Prime Minister, has resigned from the UK advisory board of Binance.
  • Johnson claims “no affiliation” with any entity regarding Binance.

Jo Johnson previously joined Binance’s payments technology company Bifinity earlier in March this year, joining as an advisor and board member. Binance announced on Monday that Johnson had resigned from the UK advisory board, claiming:

"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," Binance said in an email to Reuters. 

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However, in a statement on December 19th, Johnson said:

“I stepped down from the (Bifinity) advisory board last week and have no affiliation with it or any related entity.”

Johnson’s resignation and statement come at a time of growing scrutiny towards Binance and its legitimacy, with investors and analysts equally cautious following the collapse of Binance’s previous rival FTX.

As Jo Johnson is a relatively high-profile person, it makes sense that he would renounce affiliation with Binance during these turbulent times. The Johnson family is no stranger to negative press seeing as Boris Johnson made many headlines in the United Kingdom for his unorthodox style as Prime Minister. 

Binance CEO Changpeng ‘CZ’ Zhao is apparently still committed to growing the UK market as the country attempts to spearhead crypto adoption aiming to become the number one financial hub of the world. 

On the Flipside

  • Despite ongoing FUD surrounding Binance, it recently committed to a $1.01 billion deal to buy Voyager’s assets in the USA. This is another step in the right direction for Binance, who is attempting to provide investors with confidence surrounding their transparency, legitimacy, and solvency. 
  • Binance recently faced a ‘bank run’ in which over $3 billion of assets were withdrawn in one day, this was apparently not an issue for Binance as they claim to hold assets 1:1, another vote of confidence for Binance in light of repeated global FUD.

Why You Should Care

Binance is in the media almost every day at the moment, and it’s important to take heed of progressions within the market, especially considering how quick the collapse of an exchange can be. However, Binance is looking like it will stand the test of time despite going through a turbulent period.

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