Jonathan Farnell, Binance UK head and Bifinity CEO, left the company in late September.
The news comes against the backdrop of tighter advertising regulation by the UK’s Financial Conduct Authority (FCA), which has already severely hampered efforts by overseas cryptocurrency firms to do business in the UK.
Compliance expert Jonathan Farnell, who served as Binance UK CEO before taking over subsidiary Bifinity, has left the company, becoming the latest executive to depart.
According to UK corporate documents and Jonathan Farnell’s professional history on LinkedIn, he appears to have resigned from Binance Markets Ltd. in late September 2023. Farnell had already resigned from his senior compliance position at Binance Europe in June.
“We would like to thank Jonathan for his contributions and wish him the best in his next challenge,” a Binance spokesperson said.
The news comes as Binance faces increasing regulatory pressure, having been embroiled in disputes with two regulators in both the U.S. and the U.K. The Financial Conduct Authority cracked down on cryptocurrency advertising in early October, prompting Binance to stop accepting new customers in the U.K. last week.
Farnell has played a central role in Binance’s efforts to become regulated in the UK. He joined the cryptocurrency exchange in 2021 from retail trading firm eToro, where he was responsible for compliance. Farnell initially held a compliance-focused position and was later appointed head of Binance’s UK operations.
In March 2022, Farnell was appointed CEO of Bifinity, a new payment institution launched by Binance, while still serving as a director of Binance Markets Ltd. Bifinity was involved in a complex transaction through which Binance planned to acquire Eqonex, the parent company of an FCA-registered entity called Digivault. The goal seemed to be to have Binance itself registered in the UK, but the FCA intervened, issuing a statement about the transaction and noting that it still had concerns about Binance's UK branch.
Executive departures
Farnell’s resignation comes amid a string of executive departures from Binance. Gleb Kostarev, head of Eastern Europe, CIS, Turkey, Australia and New Zealand, and Vladimir Smerkis, general manager of the CIS region, announced their resignations in September. Other notable departures since the summer include Leon Foong, head of Asia Pacific; Patrick Hillman, chief strategy officer; and Han Ng, general counsel.
Farnell’s resignation comes amid a wave of departures from Binance’s top executives. Gleb Kostarev, regional lead for Eastern Europe, the Commonwealth of Independent States, Turkey, Australia, and New Zealand, and Vladimir Smerkis, general manager for the Commonwealth of Independent States, announced their resignations in September. Other notable departures since the summer include Leon Foong, head of Asia Pacific; Patrick Hillman, chief strategy officer; and Han Ng, general counsel.
It is unclear who will replace Farnell in the UK, but company documents show that Ilir Laro was appointed director of the UK entity in September. Laro currently serves as global integrated marketing and events manager and previously served as deputy head of the crypto exchange for the UK and Ireland, according to his LinkedIn profile. Laro did not immediately respond to a request for comment.
As new customers are banned, Binance is currently looking for a new FCA-authorized partner in the UK to approve its financial promotions under the regulator’s new rules. According to Binance’s previous statement, existing customers can still use the exchange, provided they have completed the investor declaration and suitability test.
Meanwhile, some offshore cryptocurrency players seem to think that the UK’s new marketing regime is unworkable. Bybit, an offshore cryptocurrency exchange and competitor to Binance, suspended its services in the UK in September before the FCA’s new rules came into effect.
