Crypto: A Wave of Departures Shakes Binance

The crypto industry is rocked by a series of major departures at Binance, one of the key players in the sector. These resignations, including that of the head of Binance UK and the director of Binance France, reflect the turbulence the crypto company is currently facing. Let’s delve into the behind-the-scenes of these departures.

📌 Jonathan Farnell, Binance UK Chief, has resigned amidst mounting regulatory pressure. Farnell was a key player in Binance's UK regulation efforts.

— Coincu News (@Coincuofficial) October 24, 2023

Le chef de Binance UK, Jonathan Farnell, quitte l’entreprise crypto

The chief of Binance UK, Jonathan Farnell, has announced his resignation from the crypto company. This resignation is the latest in a series of high-level departures at Binance and comes amid increasing crypto regulatory pressure in the United States and the United Kingdom.

Farnell joined the crypto exchange in 2021 and held various roles within the company. However, he left his position as Head of Compliance at Binance Europe and resigned from Binance Markets Limited in September.

Jonathan Farnell played a central role in Binance’s crypto regulation efforts in the UK. But the rising regulation, including the crackdown on crypto advertising by the Financial Conduct Authority, led the exchange to stop accepting new customers in the UK.

Farnell’s Resignation is Not An Isolated Case

Stéphanie Cabossioras, the director of Binance France, has also announced her resignation. She joined the exchange in April of the previous year and played an essential role in the company’s development in France.

Other high-ranking officials at the exchange have also been added to the list:

• Gleb Kostarev: Regional Head for Eastern Europe, the Commonwealth of Independent States, Turkey, Australia, and New Zealand.
• Vladimir Smerkis: CEO of the CIS region.
• Leon Foong: Head of the Asia-Pacific region.
• Patrick Hillman: Director of Strategy.
• Han Ng: General Counsel.

These successive departures reflect the current turbulence within the company. The specific reasons for these resignations may vary, but the increasing regulatory pressure, ongoing investigations, and legal disputes faced by the crypto company appear to be common factors leading to this series of departures.

This wave of departures at Binance doesn’t only affect the company but also has an impact on the crypto market as a whole. To be continued…