Rumored Binance UK Head Exit Ignites Controversy Amid Regulatory Turmoil

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  • Jonathan Farnell left his role as head of Binance U.K. and CEO of Bitfinity.
  • Corporate filings hint Ilir Laro was named a UK company director in September.
  • Farnell’s exit follows other executive departures as Binance faces regulatory pressures.

Binance UK head and CEO of Bitfinity Jonathan Farnell has reportedly left the crypto exchange in late September. While no formal announcements have been made, Farnell’s LinkedIn profile hints at a possible resignation.

Farnell, who joined in 2021, was brought in to fill a compliance role but has since scored a top management role. Following his promotion to head of operations in Binance UK, he led the crypto exchange’s charge to be regulatory compliant.

Likewise, he also served as the chief executive officer of Bitfinity, a payment platform launched by Binance. Earlier in June, Farnell stepped down as a senior compliance officer role at Binance Europe.

Although it’s unclear who would replace Farnell in the UK, corporate documents hint that Ilir Laro may have been named a director of the UK company in September. Laro is presently Binance global integrated marketing and campaigns manager and was formerly the deputy head of the crypto exchange in the United Kingdom and Ireland.

Farnell’s rumored exit follows a slew of other departures from the crypto exchange since the start of the year. Top Binance executives in the U.S., Russia, and regional heads have resigned. Several reports suggest the departures from Binance have been motivated by its regulatory troubles in several jurisdictions.

Notably, the crypto exchange has faced mounting pressures in the U.K. and the U.S. Earlier this month, Binance announced the platform has stopped accepting new customers in the U.K. following a Financial Conduct Authority crackdown on crypto advertisement.

Meanwhile, in the U.S., the crypto exchange, its U.S.-arm Binance.U.S., and global CEO Changpeng Zhao have faced accusations of money laundering and securities law violation. The Securities and Exchange Commission has taken the parties to court over these allegations.

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