Boris Johnson’s brother, Jo Johnson, has resigned from his advisory role at Binance’s UK unit amid concerns about transparency in the finance sector and market turmoil. Johnson, a former MP and minister in the UK government, announced his departure on Friday, citing “unresolvable tension” between his role as an adviser and his “duty as a member of Parliament to speak out.”
Johnson’s departure comes as Binance faces criticism for its lack of transparency and questionable business practices. The cryptocurrency exchange has faced accusations of money laundering and has been linked to several high-profile hacks. In addition, Binance has faced scrutiny for its dealings with some countries that have been blacklisted by the US for their involvement in terrorism and other illicit activities.
The market turmoil, caused by the ongoing pandemic and economic uncertainty, has also played a role in Johnson’s decision to resign. The cryptocurrency market has been particularly volatile in recent months, with many investors losing significant sums of money.
In a statement, Johnson said, “I have been increasingly alarmed by the lack of transparency and accountability in the digital asset and cryptocurrency markets. I believe it is important that we have strong and effective regulation to protect consumers and prevent illicit activities.”
Binance UK CEO Teana Baker-Taylor thanked Johnson for his contribution to the company and said that they will continue to work with the UK government to ensure compliance with regulations. “We are committed to building a transparent and compliant platform for our customers and we will continue to work closely with regulators to achieve this,” Baker-Taylor said.
Johnson’s resignation is the latest in a series of departures from Binance, as the company faces mounting pressure to improve its transparency and business practices. It remains to be seen how this will impact the company’s operations in the UK and beyond.