Executive Exodus at Binance Still Ongoing? UK Lead Executive Departed in September

A Binance spokesperson only revealed that they are very grateful for Jonathan Farnell's contributions to Binance.

Binance UK Head Leaves Company

According to documents from Binance UK and information on the LinkedIn platform cited by The Block, Jonathan Farnell, CEO of Binance's payment company Bifinity and head of Binance Markets Limited in the UK, left his positions in June and September, respectively.

Jonathan Farnell left eToro in 2021 to join Binance, where he was appointed as the head of Binance UK.

In March 2022, he was also appointed as the CEO of Bifinity and served as a director of Binance UK.

Reports indicate that Binance attempted to register through acquisitions in France, but ultimately failed due to intervention by the UK Financial Conduct Authority (FCA).

Binance announces the launch of payment technology company Bifinity, providing fiat-to-crypto solutions

Is the Exodus of Binance Executives Slowing Down?

The exodus of Binance executives seems to have started brewing after the SEC lawsuit and intensified after claims by The Wall Street Journal that the US Department of Justice is targeting its Russian operations.

It is unclear who will replace Jonathan Farnell. The Block points out that Ilir Laro, who previously served as deputy head of Binance UK and Ireland exchanges, was recently appointed as a director of Binance UK in September.

A Binance spokesperson only told The Block that they are very grateful for Jonathan Farnell's contributions to Binance.

The regulations for cryptocurrency exchanges in the UK seem to be getting stricter, as Bybit also announced its exit from the UK in September:

Bybit Announces Exit from the UK, Stops Accepting New UK Users in October